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Mortgage Offer Withdrawn?
Hammertoes1981
Posts: 2 Newbie
Hi,
I've subscribed to this website in the hope of gaining some clarity with regards to my current mortgage situation and would really appreciate any advice/guidance that this forum may bring...
Basically I am in the process of purchasing my first home - I have had a formal mortgage offer, surveys done, searches completed etc... and looking at exchanging contracts early January. I am taking a 95% loan and therefore contributing a 5% deposit . I have a pretty good credit score (currently 988) with total credit at approximately 8K - all of which information was supplied to the lender. I do have 3 credit cards - 2 of which are completely clear the other has approximately £800 on this. My concern is that over the last couple of months I used this credit card by an additional £400 which has obviously increased my credit (on the card) to £1200.
In all honesty I wasn't quite so sure how delicate the mortgage process can be and therefore didn't think too much of this until I spoke with my mortgage broker, who advised me to be very careful due to the fact I am taking a 95% loan out.
I will point out that due to my worries I have since paid back the £400 on this particular credit card, but am conscious that this will not reflect on my credit score for another 6 weeks, which will be after the proposed completion date. To clarify I know it wont reflect on my score for 6 weeks as I have monitored when and how changes are reflected over the last 8 months now.
I guess my question here is, do I need to be worried by this and is there a likelihood that my mortgage offer will be withdrawn as a result?
I've subscribed to this website in the hope of gaining some clarity with regards to my current mortgage situation and would really appreciate any advice/guidance that this forum may bring...
Basically I am in the process of purchasing my first home - I have had a formal mortgage offer, surveys done, searches completed etc... and looking at exchanging contracts early January. I am taking a 95% loan and therefore contributing a 5% deposit . I have a pretty good credit score (currently 988) with total credit at approximately 8K - all of which information was supplied to the lender. I do have 3 credit cards - 2 of which are completely clear the other has approximately £800 on this. My concern is that over the last couple of months I used this credit card by an additional £400 which has obviously increased my credit (on the card) to £1200.
In all honesty I wasn't quite so sure how delicate the mortgage process can be and therefore didn't think too much of this until I spoke with my mortgage broker, who advised me to be very careful due to the fact I am taking a 95% loan out.
I will point out that due to my worries I have since paid back the £400 on this particular credit card, but am conscious that this will not reflect on my credit score for another 6 weeks, which will be after the proposed completion date. To clarify I know it wont reflect on my score for 6 weeks as I have monitored when and how changes are reflected over the last 8 months now.
I guess my question here is, do I need to be worried by this and is there a likelihood that my mortgage offer will be withdrawn as a result?
0
Comments
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Pay off the oter outstanding £800 in full, immediately.
And show your mortgage advisor the payment.
Better safe than sorry.0 -
To be honest the lender is fully aware of the £800 and happy to offer the mortgage on the basis of me paying that off over the course of the next 6 months. With the sheer expense of moving I cant really afford to pay another £800 right now.
My concern is about the additional usage over the last few months (despite the fact I've now paid it back).0 -
as long as paid back, they wont tend to care but do watch outDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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