Mortgage companies looking at finances

Natsplus

Hi,
We are planning to put our house on the market next week. I am bit concerned about the financial situation evaluation of mortgage companies. 
We had some debt that we cleared in May (all not yet showing settled in credit report) will we be asked about this?
How far back do they dig your bank statements to analyse our potential?
I had a late payment on one credit card in March due to corona virus situation, will that be an issue?
Any help will be greatly appreciated. 

jamielutz1987

Recently cleared debt - broker may ask for closing statements

Bank statements - depends on specific lender and broker compliance policy, could be no statements, 1 month or even 3 months.

Recent late payment - does it show on the credit report? Based on how quickly you paid it, it may or may not have been reported. If on the report, it could well be a deal breaker depending on the lender,  a broker would be best placed to advise and recommend a suitable lender if any.

Before you incur any costs, I would recommend you get a free consultation with a broker to get a realistic idea of your chances looking at your circumstances as a whole.

Thrugelmir

By the time you find a buyer, they obtain a mortgage offer. Then you yourselves find a property etc. Some time will have passed. Your credit files will have been updated.