Nationwide Mortgage Offer - Special Conditions

ooh_aah

I have just had a mortgage offer through from nationwide.

During the application process I advised that we have in total, across 3 credit cards, around £4,400 owing

When asked how much we would pay off before the mortgage I said approx. £65, £20 and £20 across the 3 cards

I have now had the mortgage offer through and under special conditions it says the mortgage will be offered on the understanding that the following commitments will be repaid on or before completion..

"Credit Card with Virgin with an approximate balance of £65 (repeated for other 2)

Does this simply mean that the mortgage will only be completed once we have reduced those cards by those amounts - and not that it is a typo and will need to pay off all 3 cards (which would be impossible and wasn't advised at any point in the 2 x calls we had doing the application?


Thanks

sheepy21

I had £75 on credit card and was told it had to be paid in full, came as a bit of a surprise as I know people get mortgages with large credit card debts. Just pay the amounts stated for each and show your solicitor, I sent a screenshot showing a zero balance and we were good to go !!!55357;!!!56397;

Nebulous2

They've misunderstood what you said. It seems to be a standard question with Nationwide. I had a lot of credit card debt, and following their advice paid a lot of it down before I applied.

On application I was asked how much was left and was also asked how much I could / would pay off before my mortgage went through. I said £600 and got a condition to repay that. I paid slightly more, just to be safe, but they didn't check to the best of my knowledge.

ooh_aah

I called Nationwide and you are both right, the condition is that I pay off £65, £20 and £20 off the respective cards and not that I am expected to pay off the full balances - think they could have worded it better

In hindsight I should have just said I wouldn't be paying anymore off before the mortgage completion as I can't really see how having an extra £105 on the total credit card balances would have made any difference to the affordability calculation! Now I will probably have to forward in Credit Card statements to the solicitor to confirm these payments have been made

butterflybook

Your solicitor may ask for confirmation as it is a condition off the mortgage offer but nothing to worry about

Smellyonion

£105? that's pretty pedantic. They must be satisfying a tick box exercise in "reducing customer risk".

sparkey1

Lucky you.

I suppose they are just holding you to your word, as they have taken your stated repayment plan into account for underwriting.

Just goes to show, that you dont always need to promises to pay off in full.