Difference between initially stated debt and actual debt - problem?

audigex

When I initially met the mortgage advisor I mentioned ~£1k of debts in my overdraft and credit card which I intended to clear before getting the mortgage.

That was a complete dunce moment, as my debt is actually ~£2k. I have no idea why I said £1k, I think because at that exact moment my account balance was ~£1k overdrawn. Typically in a month my account will bounce anywhere between £0 and £2k OD

This isn't even a slight problem in terms of affordability - I have £16k+ in investments which I'm currently surrendering, which will more than cover the £2k debt and £10k deposit, leaving me with around £4k even after paying solicitors fees for the move.

With hindsight I should've withdrawn the money from my investment and written off the debts a few months ago, but being a graduate account I've only recently started paying interest on (some of) the overdraft, and it would have cost me more in fees and lost savings interest than I was spending on overdraft interest.

Will this be a problem, however, when they look at my last 3 months bank statements and/or credit report, which I presume will show the balance of around £2k debt each month? Or will they simply subtract the debts from my savings and use the remaining figure? Monthly payments are WELL within affordable and my LTV is ~73% with that 10k deposit, as I'm also getting an equity contribution and buying off a family member.

amnblog

I don't see a problem here - you are clearing them anyway.

audigex

Thanks: my main worry is that the consistent balance over the last 12 months or more will raise a flag somewhere, even if the current balance is well above £0.