FTB Barclay mortgage application

LucasH

Hi all,

I'm 30, looking to buy my first house with my gf, we're going to be doing the help to buy isa.
House is £220K
10% deposit. (£20k)
We both have decent careers, a good credit score on experian, no credit cards, loans etc.

However when I was younger I was silly with money and had a lot of debt. Thankfully all this has been paid off and not within the last 6 years credit file. But 1 of the debts I paid off in July. so although it doesnt show on my credit file it shows on my bank statement.

Do you think this will matter at all to barclays? All I've been doing the last few years is pay stuff off.

Thanks

L

Verix

Assuming you've had no problems with Barclays I can't see there being an issue just based on what you've said. Good luck.

[Deleted User]

You shouldn't have an issue. We have just done ours and both have cars on finance.

Do you have a DIP/AIP with them? This will give you the best idea if you'll get accepted.

Good luck!

LucasH

AIP/DIP getting done tomorow by broker. Hopefully be ok. The only credit card I had. (Paid off in full in June) was with Barclays, but I'm concerned because they will see the payment on my bank statement for the historic debt. It's literally 2 payments of about £150 in July, which I paid off and a letter from the company to say it's paid.

Thank you for the info.

LucasH

Also no missed payments with them at all on that CC.

[Deleted User]

LucasH wrote: »

AIP/DIP getting done tomorow by broker. Hopefully be ok. The only credit card I had. (Paid off in full in June) was with Barclays, but I'm concerned because they will see the payment on my bank statement for the historic debt. It's literally 2 payments of about £150 in July, which I paid off and a letter from the company to say it's paid.

Thank you for the info.

LucasH wrote: »

Also no missed payments with them at all on that CC.

You should be fine, they've seen that you've paid off the debt whilst also saving a £20k deposit. Its all about affordability after all!

The DIP generates an instant result normally - if you're not going to be present when the broker does the DIP ask them to email you/text you with the result ASAP to stop you worrying all day.

LucasH

I'm really hoping it'll be ok. Stressing me out as it is lol.

Don't want for all this hard work (fixing off younger me's mess) to result in a declined mortgage.

Is there not still the case that if we get the DIP/AIP, when it comes to the full application and they look at my bank statements, see a payment but notice its not on my credit file they'll query it?

LucasH

Thank you for your help btw. Appreciate it

LucasH

I should have added that the final payment made in July 2018 was to a company called Cabot Finance. Essentially the debt was passed to them a few years ago - but again i have a letter from them to say its all paid off.

Does this change anything?

Looks like the DIP application is getting done tomorrow.

kingstreet

As I've just replied in your PM, how do you know Barclays will require bank statements for July?

This is what you need to find out from your broker. The Barclays system issues a document shopping list when the DIP is done. It could be three months, latest month, or none.

LucasH

Ah ok i understand what you mean. the 3 months was just requested by the broker.

Thank you KingStreet