Mortgage Valuation fees paid by Credit card

marck115

Hi Guys,

This forum has helped me a lot to keep my finances in shape for Mortgage application in last few months.
Can some please let me know if paying MA and Valuation using credit card will affect my mortgage application during hard search.

Bit of Background.
I'm a FTB and using HTB equity share to get on the ladder. I'm applying for mortgage with my OH as joint applicant. My DIP was done by MA on 09/02/15 which went through fine and subsequently made a reservation of new house that we are interested in. During DIP I declared my my credit cards balance which is around £6300(HSBC 1400, Barclays £4600 and Vanquis £300).
I've applied for Mortgage with Halifax with my MA on 03/03/15 and paid Valuation and MA fees using my Vanquis Credit card(around £600).
Next day MA told me that Halifax wanted to verify my OH's employment as we submitted printouts of her payslips as she receives payslip by Email. We sent her Employee reference letter to Halifax and they sent Acceptance and Verification confirmation to my MA and instructed for valuation on 11/03/15.

My MA told me that all is agreed and just a matter of valuation and Mortgage will be offered next day.

Just now I have realised that I've paid £600 using my CC towards Valuation fees and MA fee using Vanquis card. I quickly went through my online Experian credit report and found that Vanquis usually sends my credit info to Experian on 8th of every month which is Today . I have paid £600 to my Vanquis CC today and it will at least take 2 days before payment is updated onto my CC.

I was wondering if payment made using my credit card will affect my mortgage application during hard search as my CC balance is now £7000 ??

Dave_the_Ginger_Cat

First off, you haven't lied to them, as the info was true at the time.


They expect variations between balances at spots in time and will ask you if they are concerned.


As an underwriter myself, my experience says that paying a val fee on a Credit Card can sit with marginal affordability, and you may get a little extra scrutiny.

I'd make sure everything else you have declared is squeaky clean. And tell your mortgage advisor


Good luck with the purchase

marck115

@Dave the Ginger Cat

Thanks for comforting words.

It was my MA who suggested that I can use my CC to make the payment for valuation. I got confused then and thought that I could use that money in hand for some other expense during purchase and paid using my CC. I should have been more wise about these things.

I will have a word with my MA today and will take his opinion as well.

Since I've already paid £600 towards my CC bill yesterday I can use that as a evidence if underwriters asks me about £700 extra usage only CC.

marck115

Spoke with my MA today and he told me that Lenders take snapshot(Soft search I believe) of credit history during full application and they won't snoop into my history every now and then. He seems to be super confident that my application go through without any hassles.