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full mortgage application and debt at completion
ladybird3
Posts: 134 Forumite
Hi everyone
Bit worried about our mortgage application due to current debts. At the moment we have a significant (or what I perceive to be significant) amount of debt to the tune of £16k. We've had a decision in principle for our mortgage for which we're putting down a 30% deposit, at completion we'll also be clearing the debts in full.
Our mortgage broker doesn't seem to think it'll be a problem because we're clearing the debts at completion, however I'm still concerned the bank will come back with a reduced figure to that given on our DIP. Is it usual that once you've got a DIP the mortgage application will then go through fine? I should add that all our debts have been declared from the outset
Interested to hear others experiences!
Many thanks
Bit worried about our mortgage application due to current debts. At the moment we have a significant (or what I perceive to be significant) amount of debt to the tune of £16k. We've had a decision in principle for our mortgage for which we're putting down a 30% deposit, at completion we'll also be clearing the debts in full.
Our mortgage broker doesn't seem to think it'll be a problem because we're clearing the debts at completion, however I'm still concerned the bank will come back with a reduced figure to that given on our DIP. Is it usual that once you've got a DIP the mortgage application will then go through fine? I should add that all our debts have been declared from the outset
Interested to hear others experiences!
Many thanks
0
Comments
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Your broker is correct, presuming he hasn't placed you with Santander or Platform..I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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... or Accord ....Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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No it's through Virgin0
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We have debts which are also going to be cleared on completion. Our mortgage company did NOT take them into account at all, as we have declared they will be gone on completion.
Our mortgage offer states on the first page, they are to be paid on completion.0
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