Worried I’m doing things wrong

Sncjw

Hi guys. 

So we started the mortgage application a couple weeks ago and I told the advisor how much I have on credit card which is 0% interest and also my other credit card which I pay off in full. Now I’ve had to spent a little more on these cards purely because I couldn’t locate my debit card that was in my purse. Anyways would this have an impact on the mortgage. I’m worried enough as it is due to my partners low income. I’m worried the underwriters will value the home less than we want money for and also see something they don’t like in our credit reports. 

Sorry first time buyer and things are happening everywhere

Davesnave

Worry is a natural function of the house buying process, so there is no way to avoid it. I'd wait until something adverse happens before giving too much of my attention to things in my personal history that cannot be changed.

Focus on the here and now, which means checking out things you may not have fully considered yet, such as the neighbours and neighbourhood and whether there are any plans by the council/other third parties that might impact on the property for better or worse. Doing research will help take your mind off the affordability issues. Besides, if it's considered a bad buy or personally  unaffordable, would you really want to go forward with it?

pinkteapot

Lenders know that credit card balances fluctuate. You'll tell them the balances at the point of application and of course they'll change after. So long as you don't normally have a £500 balance and suddenly spend thousands, they're not going to care. 

If you got an AIP based on your partner's income it shouldn't suddenly become a problem now. 

And it's the surveyor who will value the house (not the underwriter). Down-valuations are far less common than they may appear on these boards because people whose surveys go through without a hitch don't post here. 

In short - it's very likely the mortgage will go through absolutely fine. It's natural to be anxious through the process but try to focus on things you can control, not those you can't.

Sncjw

Yeah I know the area as I have lived near it all my life so that helps 

Davesnave

Sncjw said:

Yeah I know the area as I have lived near it all my life so that helps 

  We were familiar with the area where we live now, but that had  no bearing on two  problems we experienced after we moved in, one of which we picked-up thanks to repeated stalking  visits. The other was temporarily suspended at the time.

Neither of these matters is now an issue, but they took considerable  effort to resolve. Familiarity is no substitute for vigilance.