Mortgage Meltdown

CReegs

Hi All,

Hoping someone can give me some advice on the below as I am currently going through a meltdown this week! So here goes...

We have had an offer accepted on the house we are looking to buy. We have gone to our current lender and been through the mortgage application process.

I was completely honest with the mortgage advisor, explained that on sale of our current property we would clear all of our current debt and still be able to put down a 35% deposit.

I also made the Mortgage Advisor aware that I had used an informal overdraft, which was agreed with my bank at a charge of £5 per day.

During the application we went onto successfully pass all of the credit checks and affordability checks. They sent out a mortgage pack in the post which included a direct debit mandate for me to sign and state what date they can take the mortgage payment from my account each month. Happy days!

In the pack they have requested that I go into branch with 3 months payslips and 3 months bank statements. No problem, or so I thought.

Previously we have used a mortgage broker who took care of everything but I decided to do it myself this time as we were moving house and staying with the same lender.

After doing research online I did not know how seriously online gambling on bank statements was taken. Over the 3 months bank statements there are 18 transactions of deposits which total £300 I do this purely for enjoyment purposes and mostly when me and some friends are down the pub will put a bet on just to make it more entertaining.

Since finding out I have shut down both of my accounts and taken out all of the monies that were in there.

My credit report is good and I have never had a problem getting loans or any issues with my previous two mortgage applications.

Potentially if I delay sending in the bank statements until my May statement is available I will be fine as there will be 3 months clean statements, but this is 6 weeks away and I am being pressured to get a surveyor round to our new property.

Our solicitor has said she will need the mortgage offer soon, but will get on with searches etc until then. I do not know whether I should speak to her and explain the situation?

Sorry that this is a long post, but any help or guidance would be appreciated!

horseymchorseface

this is where a broker will come in and submit application with banks that don't need to see bank statements. Some lenders ask for 6 months some 3 months. Usually brokers will know.

You can either see if it's accepted or risk losing your house, either way you need to be honest with the vendor if going with option 2 and delaying by 6 weeks

I guess you learnt the hard way that going it alone to save some money doesn't always pay off

Good luck, Betting is never a good thing, no matter how small

CReegs

Completely agree and lesson well and truly learnt on both counts.

Honesty will be the best policy and if it will be it will be!