Renewing mortgage in principle

mrbg07546

I am looking to buy a house nshortley and thought it would be ideal to renew my mortgage in principle as it has expired due to being 90 days since I took it out.

A few changes. Should I declare them.

I have a 5k credit card on intrerest free. But I can pay it off tomorrow if I feel it would reduce my mortgage.

My wife is 8 months pregnant

Kind regards

ACG

Who is it with?

A lot of changes have gone on in the last 90 days with affordability.

Personally i would leave doing another credit check until you actually find a property and have an offer accepted. I would also check the lenders affordability calculator to make sure you can still borrow what you need.

mrbg07546

Nationwide.

Me and wife was offered 200k mortgage with a 50k deposit. So a total of 250k

My wife is due any day now. Do you think having a baby would reduce the 200k mortgage offered by much.

ACG

Run it back through their calculator.

Having a kid will reduce how much you can borrow.

mrbg07546

Thanks.

Just did it.

The child reduced it be very little

A 5k credit card reduced it by 20k. So I will be paying that off!

How do they check monthly outgoings? Do they just check direct debits?

sulphate

mrbg07546 wrote: »

Thanks.

Just did it.

The child reduced it be very little

A 5k credit card reduced it by 20k. So I will be paying that off!

How do they check monthly outgoings? Do they just check direct debits?

Depends on how stringent they are. They may ask to see your last 3 months' bank statements which will inform them of your direct debits and what you spend your money on in day to day life (ie food shopping, travel, and luxuries).