Mortgage offer & credit card

haras_nosirrah

Sometimes a solicitor will request evidence you have funds available to clear credit that is on the application would speak to your broker and see if it makes a difference. You don't want to get to exchange/ completion and then have a problem.

Advise him that you are struggling to clear the credit card in full and may have 2k outstanding - what does that do to affordability.

It may have no impact, it may mean increasing the mortgage by a year or two but either way you need to tell your broker

kingstreet

You have to be careful with Precise and affordability.

If you have chosen a two year fix; adversely affecting affordability can result in you having only a five year fixed rate option.

Tunde0677

Thanks everyone. I have asked my broker if evidence would be needed for CC zero balance and he said I informed them in the application that I would clear it, but for evidence he wasn't sure and if CC not clear, the lender might look at affordability again. I asked him about 70% payment on CC he said he is not sure what they'll say but can't have serious issue on mortgage repayments, except if I want him to check with them and could be the issue of second thought.
The wording is kind of advice from the mortgage offer, as the mortgage doesn't say conditional offer. So I am hoping if I clear 70% out of £4k CC, it wouldn't have a serious issue of mortgage repayments. Currently my rent £500 more to when I start paying mortgage which is a good thing, and I am still currently servicing my credit card.
I just don't want them to change at last minute, don't want to loose all my deposit.

Tunde0677

I am on 5yrs fixed rate.