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Large unusual outgoings before mortgage application
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aniahill
Posts: 181 Forumite
Hi guys
Next year my oh and I will be applying for a mortgage - I've heard that it's sensible not to make any large unusual payments before the application but this is my situation:
The oh is 40 later this year and we are going on a big one off holiday next March. This holiday will cost us approx £6k - we'll book and pay for the holiday in September (4k) and expenses while we're there (2k) will go on a credit card (more to protect our bank accounts against fraud than anything) and be paid off in March/April ASAP when the charges come through.
We will probably apply for the mortgage in June at the earliest - will this spend count against us? If necessary I could probably pay my parents the £2k in advance and borrow a CC in their name but I'd really really prefer not to.
Other than not spending the money is there a better option? My oh has a poor credit rating we're trying to rebuild so anything to better our chances would be appreciated!
Next year my oh and I will be applying for a mortgage - I've heard that it's sensible not to make any large unusual payments before the application but this is my situation:
The oh is 40 later this year and we are going on a big one off holiday next March. This holiday will cost us approx £6k - we'll book and pay for the holiday in September (4k) and expenses while we're there (2k) will go on a credit card (more to protect our bank accounts against fraud than anything) and be paid off in March/April ASAP when the charges come through.
We will probably apply for the mortgage in June at the earliest - will this spend count against us? If necessary I could probably pay my parents the £2k in advance and borrow a CC in their name but I'd really really prefer not to.
Other than not spending the money is there a better option? My oh has a poor credit rating we're trying to rebuild so anything to better our chances would be appreciated!
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Comments
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Dont worry about it.
A lender is free to ask questions about any transactions, very few do though. Even if they do, a 1 off big event that you have saved and planned for and paid off straight away is not a bad thing. If they ask, tell them the situation. I would be very surprised if any lender had an issue with this.
Although i would probably say avoid the YBS group - they will probably make a meal of it.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
That's great news thank you!
YBS - Yorkshire?0 -
More of an issue if you spend quickly then don't repay it within a reasonable time frame.0
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YBS - Yorkshire building society, chelsea, accord and another who i cant think of.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Barnsley Building Society and N&P.Official DFW Nerd Club - Member no. 0650
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It was Barnsley i was thinking of. I didnt realise N&P were part of them.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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