mortgage problems!!

hurleyhammy

Hi we have applied for a mortgage, has taken a very long time due to various issues. So checked the update on line and it said that the valuation will be booked shortly. Then it asked us to contact our broker. I called the lender and they suddenly advised that due to an undisclosed financial commitment it was being reduced by 11k. We have no idea what this is, our broker wasn't really able to offer any advice on this.... We have checked our credit reports and there is nothing on there. We have a few credit cards with large limits but zero balances. We have one card within some on it but that has all been declared to our broker. We have a small loan, about 400 quid that ends in a few months, originally this was input as being secured on our property but we have been assured this was corrected......can anyone offer any advice \ explanations. Very stressed!!!:mad:

Thrugelmir

have you recently cleared down credit card balances?

hurleyhammy

Yes they were cleared before we applied for the mortgage.

lovedayuk

That will be the reason, your broker should sort it out and if you have a copy of your experian report that would help the broker argue your case.

hurleyhammy

Thanks, shouldn't this have come up on the original aip that was done 8 weeks ago, the credit cards were cancelled before this....? This weekend we have cancelled three credit cards and a store card that all had zero balance, some had had a zero balance for years, we have also reduced the limit on a remaining card. We were worried the lender might not be happy with the amount of available credit we have.