FTB - Quick Queries!

Snoopy747

Firstly, great forum - I've learnt a lot on here over the past few weeks! :T


The Mrs and I are both FTB's. Joint income of £83k, no kids, etc. Deposit of £50k. We are looking to approach an independent broker in the next few weeks and possibly also Halifax, who we already bank with.


Just had a couple of quick queries which hopefully one of the superstars on here could possibly help with?!


1. We both have good/excellent credit ratings (I know this isn't everything) but I used a number of payday loans 3.5+ years ago. Do I need to declare this to the broker or is it too long ago to matter?


2. My partner dropped into her overdraft within the last 3 months so there is a £6 overdraft charge showing on her statement last month. This was due to car insurance, holiday payment, etc occurring in the same month. Is this a big deal to lenders? Are we better waiting another month or two so our statements are completely 'clean' for a three month period?


3. I have two credit cards. One I use for day to day purchases (paid off monthly in full), the other I have had £500 on for a few months, which I've now just paid off. However my report on Noddle is showing a short term debt for this amount. Again, is this a big deal? Do I need to wait until this isn't on my report or can I just show by bank balance details to the broker?


Thanks in advance for any help!

kingstreet

Tell the broker, just to be on the safe side, but it shouldn't make any difference.

Odd/occasional use of an approved overdraft is not going to see any lender decline your mortgage application.

Tell the broker the balance and the date it was repaid. If recent, I would enter it and tick the "to be repaid on completion" box so the lender's system ignores it for affordability purposes.