Cynical about chances of getting a mortgage

echo_and_narcissus

Thrugelmir wrote: »

Lenders use historic data from the Credit Reference Agencies. The sudden change of financial circumstances will therefore be noted. Three months isn't long in the scheme of a 25 year mortgage loan.

I totally understand. Obviously I was thinking of where a lender wants sight of the last three months' bank statements to consider spending habits as has been mentioned upthread. We're quite good but I'm thinking operating fully in credit, after paying off our overdraft, and being 'excellent' rather than just 'quite good' with our spending, looks a lot better to a lender in that aspect.

Will this make any difference or no?

AnotherJoe wrote: »

Then that's the last thing you should be paying back.

Noted.

amnblog

The Lenders will not be making 'value judgements' based on perusal of your bank statements.

It will come down to credit scoring by computer (if appropriate). The bank statements are used to:

Track income matching payslips
Look for undeclared regular outgoings
Look for large usual payments or receipts
Check for good conduct of the account

No one is going to say 'these guys stay out of Costa and Pret so we can give them a loan'.

pink_petal

Definitely don't touch the student loan, you don't have to pay that off til you're working so I think your money would be better spent paying off more expensive borrowing.

The govt are also introducing a new postgraduate loan for Masters courses (up to £10k) which could help with any course costs you night have - http://www.findamasters.com/funding/guides/new-uk-postgraduate-loans-scheme.aspx

PP x

echo_and_narcissus

Spoke to my credit card company earlier. As I paid the default sum promptly, they don't notify credit reference agencies. So no default to worry about. Very relieved!