Undeclared credit

ftb_01

Morning.

We applied for a DIP way back in January, it was approved. We have recently found and had an offer accepted on a house. Now have a full mortgage offer.

Problem being we have a next store card sitting with a balance of approx £2000 we never included in our application at the very start (dip stage). Genuine mistake on my part as i was doing the telephone call with broker and failed to include it. When it came to full application months later the details broker had for the DIP were used, which didnt include the store card.

Obviously the card would have showed at the DIP stage aswell as the full application stage and we passed both and accepted on both with no mention or issue with this. With completion approaching will this be an issue on the final search they carry out?

Well within our affordability and can pay it off now if needed, but would prefer not to waste part of our savings doing so at this stage.

Any advice would be great, thanks!

BlueMoons33

Following as I have the same issue, though only at AIP stage. Quite concerned that full application will be rejected.
How does it show up on the first initial search, sorry for the ignorance I'm just not sure how it all works. 
Thanks. 

pearsforlife

There is a % tolerance on credit due to the nature on how the files update and associated delays. I’m not sure what the % is but say you had 10k of debt and forgot to mention 2K, 20% may be the acceptable tolerance and no further questions asked. Providing your not on the limit of affordability you shouldn’t have an issue! 

ftb_01

Thanks for your reply.

We were offered £160,000 at the DIP and only needed £120,000 come full offer so my assumption would be still well within the afforsability marker even with the extra 2. £35,000 deposit also.