Mortgage

janieowl

Hi all, I am new to this website, and new to mortgages, but I have some questions and worries. My parter and I are going to buy a house in Portsmouth, and getting advice/info from a mortgage advisor, who is asking for info from us like: proof of income, length of time at address, workplace, pension etc etc which is all ok, but, then it goes on to ask for details of credit cards, balance on card, etc. I was scared. My card had £2,000 on it, so I didnt want them to see that and then it affect mortgage ability, so I paid a load of it off, and now I am at £483.. so, an improvement. But --- now I am overdrawn in my current account, by about £500. So, I wanted to know if any of this will affect my ability to get a shared mortgage. Will this advisor bloke need to (1) see bank statement that indicates I am OD, and if so, will it matter? (2) Will the credit card debt matter? I haven't even missed a payment and have a full time perm job, but scared of them two things above in case it impacts ability for me (and also my partner!) to get mortgage. If it doesn't matter too much to the mortgage advisor, will it matter to the mortgage lender?

jamielutz1987

@janieowl

You did the right thing by going to a mortgage broker.

1.The broker will need to see your bank statements (1-3 months), the lender may or may not depending on their process. The use of an arranged OD should not matter.

2. The credit card debt of £483 will reduce your affordability very slightly but there will be no significant impact.

My advice would be to treat the broker like your mortgage doctor, try not to withhold or misrepresent any information he asks for. The info you give him goes into your application and if compared against information held on your credit report, with the lender, etc so it needs to be correct.

It is the broker's job to find a lender who will take you on as a customer.

Good luck!