Advice needed ASAP

haras_nosirrah

The other problem you may have if if you have taken out a new car finance and repaid the old one then both may be showing in your credit report. Some lenders take your credit report as fact even if you can show you have cleared one of the commitments

See what they say when the underwriters come back but I would start looking into a plan b

Kirstyb1987

Silly silly silly - Golden rule.....NO new searches or new credit agreements during the mortgage application.


I agree with a post further up....your buying a property, as if you didn't have £800 to pay for your solicitors fees.

Kerrye1984

I am the partner of the person that has posted this message for advice. To the last person that commented yes we are buying a house but we do not have £800 spare cash. My partner owns his own property which we are in the process of selling all money is tied up in the sell of this property that includes deposit and fees for our new home. So we did not have the spare money to pay upfront for solictiors and the survey hence using a credit card to tie us over.

We have been told we both have a good credit rating and are going for a 5% deposit as dont have the savings for a 10% deposit. We on the other hand earn 59K between us per annum so can afford the repayments and will have enough money left over with ease.

Yes swapping over the car finance and getting a credit card is a very bad move but is there anything we can do to rectify this? Paying of the credit card being one of them?

We have been told we have dropped from a A3 to a A4 and we need to be a A3 in order to get the 5% deposit.

The application is currently with the underwriters and we are waiting a decision? If we get a decline is it worth going to another bank to see if we can get a mortgage elsewhere. I have checked online and it states if you have been rejected its is worth trying elsewhere but dont try to many times as will affect credit score.

Any advice from a mortgage advisor would help us greatly.

Kirstyb1987

Have you gone directly to the bank or building society or through a broker...if you do get a decline (which I hope you do not) then I would advise to go and see a broker, especially if you cannot raise your deposit.


I would not spend anything on the credit card but that search now appears on your partners credit score and will cause concern to the lenders as you could potentially go and blow the whole limit once you complete and thus not pay your mortgage.


Is there anyone who could lend you the £800 until your partners house is sold?

Kerrye1984

We wouldnt go and blow the money although the bank wouldnt know that all they would have is our word on that. We just want the house but have made a school boy error!

We now have someone (family) that could lend us the money although we have already used the credit card. I dont know if it would make a difference if we paid the money off in full.

We are still waiting a response from Halifax (keeping everything crossed) but if we have been declined we will seek advice further.

Thank you for your help.

Kirstyb1987

I know you most probably wouldn't do that, but like you said, they don't know that.


School boy error yes...first person to do it? No!


Don't beat yourself up, it may all be absolutely fine.


I do think it may help to pay off the card and if they do question the card then it may be beneficial for you to tell them that you have paid the card off and have cancelled it.


I hope everything goes smoothly for you and Halifax get back in touch soon.

Funny_old_game

A4's as mentioned to not qualify. Reducing debt is very unlikely to up their internal score.

In the lap of the gods now to overturn it snd until that happens there is nothing anyone can do on here.