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Selling & buying, Equity as deposit.
jonspa123
Posts: 1 Newbie
Hi All,
Bag of nerves awaiting mortgage application outcome.
Bare with this, long story, but leads to a worry for me,
We made a conscious decision to move about a year ago and started lining up our ducks. We had a reasonably good credit score, some outstanding loans coming into there last year and small balances on credit cards.
We decided to downsize, and that included getting rid of debt and items we knew we wouldn't fit in the bungalow we dreamed of. So we set about selling off the second car, the home cinema equipment, all my professional power tools from the workshop etc and raised some good money via eBay, FB local adds and car boots. felt really liberating and chuffed to have less but no debt, and in honesty, learned a lot from it.
We used this money to clear all our credit cards, and the 2 smaller loans we had back in August. We had one personal loan left, with £8k on it, which my dad amazingly offered to clear for us so we where clean slate and ready to plan.
He gave us the money he kept at home in 2 payments of £3k cash, he's very old school and loves to feel he has handed over a tangible thing and doesn't do online. and we never gave it a thought and paid it in and when enough was together, we paid the loan.
Debt free (apart from current mortgage) we put ours on the market, got an offer within 5 weeks, accepted and put an offer in on "the Bungalow"
We got a good offer, and buying price and are left with our deposit coming from the equity on our current house. resulting in a 70% LTV.
Credit rating check we did on checkmyfile came back fantastic across all agencies. The hard work paid off.
Full application submitted (HSBC) by the broker on Thursday 22nd Nov (already had AIP)
Within 3 hours of submitting broker emailed me, They have asked me to qualify the 2 large cash credits for £3k on my bank statement, plus one of £1.5k in the month before which had been from the sale of a projector and screen.
I answered with fact immediately. and haven't heard anything since.
I know its only been 3 days (and today is Saturday)
I am now sweating worrying that I am going to get embroiled in proving where the money came from, even though none of it is being used for deposit as this is all in the equity from the sale of the current house.
Question: should I be worried?
Bag of nerves awaiting mortgage application outcome.
Bare with this, long story, but leads to a worry for me,
We made a conscious decision to move about a year ago and started lining up our ducks. We had a reasonably good credit score, some outstanding loans coming into there last year and small balances on credit cards.
We decided to downsize, and that included getting rid of debt and items we knew we wouldn't fit in the bungalow we dreamed of. So we set about selling off the second car, the home cinema equipment, all my professional power tools from the workshop etc and raised some good money via eBay, FB local adds and car boots. felt really liberating and chuffed to have less but no debt, and in honesty, learned a lot from it.
We used this money to clear all our credit cards, and the 2 smaller loans we had back in August. We had one personal loan left, with £8k on it, which my dad amazingly offered to clear for us so we where clean slate and ready to plan.
He gave us the money he kept at home in 2 payments of £3k cash, he's very old school and loves to feel he has handed over a tangible thing and doesn't do online. and we never gave it a thought and paid it in and when enough was together, we paid the loan.
Debt free (apart from current mortgage) we put ours on the market, got an offer within 5 weeks, accepted and put an offer in on "the Bungalow"
We got a good offer, and buying price and are left with our deposit coming from the equity on our current house. resulting in a 70% LTV.
Credit rating check we did on checkmyfile came back fantastic across all agencies. The hard work paid off.
Full application submitted (HSBC) by the broker on Thursday 22nd Nov (already had AIP)
Within 3 hours of submitting broker emailed me, They have asked me to qualify the 2 large cash credits for £3k on my bank statement, plus one of £1.5k in the month before which had been from the sale of a projector and screen.
I answered with fact immediately. and haven't heard anything since.
I know its only been 3 days (and today is Saturday)
I am now sweating worrying that I am going to get embroiled in proving where the money came from, even though none of it is being used for deposit as this is all in the equity from the sale of the current house.
Question: should I be worried?
0
Comments
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No. Its only been 3 days (and today is Saturday)
0
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