We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
question for any brokers
Hutch100uk
Posts: 610 Forumite
I posted this today: https://forums.moneysavingexpert.com/discussion/5481317
I have a question - if your lender asked that you clear a debt before they will lend to you, do you have to wait until your credit file has updated? How do you prove you have paid the debt?
I am worried that my Next account may have had an impact ( it had been £500) but I didn't declare this as I had cleared this about 3 weeks ago - but I assume this will still show on my credit file?
I have a question - if your lender asked that you clear a debt before they will lend to you, do you have to wait until your credit file has updated? How do you prove you have paid the debt?
I am worried that my Next account may have had an impact ( it had been £500) but I didn't declare this as I had cleared this about 3 weeks ago - but I assume this will still show on my credit file?
0
Comments
-
A £500 balance is unlikely to make £10k difference.
You should speak to your broker.I am a Mortgage AdviserYou 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.0 -
-
No.
The requirement is "on or before completion" not immediately.
It is sufficient for now to say you will pay it off.
If an earlier balance is higher and it may not yet be visible to the lender, enter the higher balance.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 -
kingstreet wrote: »No.
The requirement is "on or before completion" not immediately.
It is sufficient for now to say you will pay it off.
If an earlier balance is higher and it may not yet be visible to the lender, enter the higher balance.
Yes my broker confirmed this today. I already paid it so its done now. Its with the underwriter now but have a bad feeling they will come back again.
So frustrating as we both have clean credit files and very little debt. We're not even looking to borrow that much!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards