First time buyer credit card question

Carlharvey

Hi, Iv a question about a first time buyers application I was hoping someone could shed some light on, basically a couple of years ago now I was at my worst period of gambling, in this time I ended up using credit cards to deposit (stupid I know). However Iv been on gamstop for at least a year now, and paying off credit card debt at a rapid rate which is nice. I have saving with my partner to buy a house hopefully this year, I am just really getting worried about my previous use of gambling on a credit card as Iv checked that it shows up as a cash advance. I will be debt free by the time I apply for the mortgage and my credit score is almost perfect on all platforms, but I am just worried this will stop the application which I will be really embarrassed about to be honest. Was just wondering if anyone has any information about what will be checked? I’d like to reiterate that gambling is no longer a problem I’m just looking for advice regarding a mortgage. 

Thank you 

K_S

@Carlharvey Any adverse credit history on these credits cards at all? If not, and the problem gambling is well in the past, I don't see anything evident in your post that would stop you from getting a mortgage with a 15%+ deposit. A 10% deposit might be trickier.

Carlharvey

Never missed a single repayment like I said credit score is good. Just worried such a stupid mistake could cost me, thanks a lot for your reply 

Carlharvey

K_S said:

@Carlharvey Any adverse credit history on these credits cards at all? If not, and the problem gambling is well in the past, I don't see anything evident in your post that would stop you from getting a mortgage with a 15%+ deposit. A 10% deposit might be trickier.

Never missed a single repayment like I said credit score is good. Just worried such a stupid mistake could cost me, thanks a lot for your reply 

BFYZ

It won’t affect at all. To bring your emotions and anxiety to relax, you can clear the credit card and cancel it before applying for a mortgage. Don’t declare this credit card at all although it won’t show to lender’s anyway as to where you have spent money. 

10% deposit would be fine given you take the mortgage at the end of the year.
Goodluck!

Carlharvey

BFYZ said:

It won’t affect at all. To bring your emotions and anxiety to relax, you can clear the credit card and cancel it before applying for a mortgage. Don’t declare this credit card at all although it won’t show to lender’s anyway as to where you have spent money. 

10% deposit would be fine given you take the mortgage at the end of the year.
Goodluck!

Thanks for your reply, I wasn’t sure even if the card it removed then stuff like gambling will still be on my credit record anyway. We’ll have to wait and see but sounds positive, thanks again 

MaryNB

Carlharvey said:

Never missed a single repayment like I said credit score is good. Just worried such a stupid mistake could cost me, thanks a lot for your reply 

Credit score is irrelevant, your lender won't see it. Just have a look at your credit file with all three credit rating agencies and make sure the information is correct. A lender might not like a significant number of cash advances but tbh I have no idea how likely it is to impact your application, especially if it was over a year ago.
Are you going through a broker? Might be worth it. I had a very straightforward application and went direct but even I thought at some points it would have been easier to go via a broker. 

Carlharvey

MaryNB said:

Carlharvey said:

Never missed a single repayment like I said credit score is good. Just worried such a stupid mistake could cost me, thanks a lot for your reply 

Credit score is irrelevant, your lender won't see it. Just have a look at your credit file with all three credit rating agencies and make sure the information is correct. A lender might not like a significant number of cash advances but tbh I have no idea how likely it is to impact your application, especially if it was over a year ago.
Are you going through a broker? Might be worth it. I had a very straightforward application and went direct but even I thought at some points it would have been easier to go via a broker. 

Ye I am going through a broker with a really good reputation so that should be helpful. I guess I won’t truly find out until the process starts but sounds more positive than what I had in my head before I asked on here. Thanks for your reply