Mortgages & credit file

Arfhurdaly

Hi,

I wish to apply for a mortgage but have outstanding debt, due to stoozing (approx 30k). Would a lender reject an application for this?

Also, when they do a credit search, do they base their decision on a number put forward by the credit agency, or do they do it by looking at what debt you have and with which lender?

Regards,

Arfur

Dan_Collins_2

Its done on affordabilty and payment records. They will also look at the score. Lenders wont care as long as you pay it and can afford it.

Arfhurdaly

So if i have never missed a payment, and presumably have a good score. I will be ok?

I presume you mean if the mtge is processed automatically it should be ok. But if its put infront of a lending officer, there could be problems?

sarkin

you could fast track, what type of mortgage are you looking for. But the lender will look at affordibility.

Arfhurdaly

Hi,

What does the process "fasttrack" involve?

Dan_Collins_2

Arfhurdaly wrote: »

So if i have never missed a payment, and presumably have a good score. I will be ok?

I presume you mean if the mtge is processed automatically it should be ok. But if its put infront of a lending officer, there could be problems?

A lending office! They dont hang around branches anymore LOL but I get your point.

If you have equity in your property and your income covers both your mortgage and the credit card debt the lender will not care if you used the money to travel the world on and bike dressed in a leather cat suit!

Arfhurdaly

Yes income not a problem.

So if you complete an application on-line with an institution, it shouldnt be a problem?
Or would the institution ask for credit card statements too?

Dan_Collins_2

Sorry edited my last post as I mixed threads!

Arfhurdaly

Sorry, i forgot to mention i would be a 1st time buyer. Any probs?

Also, in terms of lending criteria can you tell me what is the % of outgoings/income you should be under?