Mistake on mortgage apllication

sara87

Hi, I have foolishly given the wrong information on my mortgage application with Halifax (and on the title of this thread but it wont allow me to change it now). I have told them about my credit cards and interest free overdraft but for some reason I thought my overdraft was £900 when it is actually £1300. I forgot I had used it to pay for a gift at Christmas and as it is interest free I never really check it. I got a letter today stating the balance and i'm now panicking. I didn't intentionally lie, and I would have got the mortgage even if I had given the correct figure. It has gone to the underwriters so it is too late to change.
Will my mortgage get rejected due to incorrect information or will they just adjust the mortgage I can have?

I will be having sleepless nights worrying so any advice or the results of similar situations would be great. My partner is going to kill me.

Thank you in advance.

superfast808

Who do you bank with?

From what you say your overdraft facility is less than you stated on the application? I can't see that being a problem unless you were overdrawn? Access to less credit is usually a good thing I'm led to believe (by reading huge amounts of posts on here).

I'd call them up and inform them of the mistake.

sara87

Im not overdrawn as it is an approved overdraft but I have spent £1300 not £900 (an error on the first post) The stress it making me a bad typer. I'm with Halifax. It has already gone to the underwriters so I can't ring up to edit it now unless I want to cancel my application and lose the mortgage fee I paid upfront.

kingstreet

Are you dealing with an independent broker or Halifax employee?

If you are, please call them and let them tell you everything will be fine. £400 isn't a hanging offence and worst case scenario, it adds £20 per month to your outgoings for affordability purposes.

Mortgage lending is a lot more forgiving than many people seem to think, going by the threads on here.

jackieblack

sara87 wrote: »

Im not overdrawn as it is an approved overdraft

If you are in negative balance you are overdrawn. The fact it is an approved overdraft is better than if it was unauthorised, but you are still overdrawn.

sara87

We are dealing with a Halifax employee. I'm just worried that the underwriters will see the error and decline our application straight away and not simple adjust the mortgage application to reflect the extra debt.

HappyMJ

sara87 wrote: »

Hi, I have foolishly given the wrong information on my mortgage application with Halifax (and on the title of this thread but it wont allow me to change it now). I have told them about my credit cards and interest free overdraft but for some reason I thought my overdraft was £900 when it is actually £1300. I forgot I had used it to pay for a gift at Christmas and as it is interest free I never really check it. I got a letter today stating the balance and i'm now panicking. I didn't intentionally lie, and I would have got the mortgage even if I had given the correct figure. It has gone to the underwriters so it is too late to change.
Will my mortgage get rejected due to incorrect information or will they just adjust the mortgage I can have?

I will be having sleepless nights worrying so any advice or the results of similar situations would be great. My partner is going to kill me.

Thank you in advance.

My current account balance changes up and down by much more than £400 per day. I would never be able to pin an accurate figure down. The next day it would be wrong..don't worry about it.

kingstreet

So based on the affordability calculations is £20 a month going to be a deal-breaker and you are going to be offered a lower mortgage amount?

You certainly aren't going to be hung drawn and quartered, keel-hauled or declined.

sara87

No its no where near enough to be a deal break I just thought the underwriters would see it as a lie and reject me, but as HappyMJ says, accounts can change a lot everyday. Hopefully it will be okay as it isn't a huge amount and its the only debt I have. I hope they have to be as flexible as some of you have said.

superfast808

Also, as you bank with Halifax and the application is with them, they should be able to see/would know the condition of your current account at the time of application anyway.

Also, the full credit search at full application would presumably have shown current account turnover.

amnblog

You really are worrying for no reason.

Listen to Kingstreet - this is not an issue that will cause a decline.