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Mortgage and paypal credit

Veromartos
Veromartos Posts: 48 Forumite
10 Posts Name Dropper
in House buying, renting & selling

Good morning,

We have an appt with a broker on Saturday. 

We put an offer on a house of £420.000

Husband salary £50.00

Mine £15.000

Deposit £120.000 (coming from savings and equity in our home)

Savings £62.000

We will apply for  mortgage of £300.000

Until here all good.

Now, what is worrying me is,

1. I cleared a credit card last month for £290, I have no outstanding balance now.

2. I have a paypal credit and I owe £290, I paid monthly by direct debit and I have not missed any payment.

3. £36.000 from our savings account came last month from a bank account in Spain, it is from my flat sold there so I have transferred the money from my account in Spain to my account in UK

Should I be truly worried?

Please advise 

Comments

  • Veromartos
    Veromartos Posts: 48 Forumite
    10 Posts Name Dropper
    Forgot add my husband is self employed 
  • london21
    london21 Posts: 2,214 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    edited 29 July 2021 at 1:27PM
    Nothing to be worried about.

    A broker should be able to assist you, self employed process is slightly different to PAYE emolyment.
  • Veromartos
    Veromartos Posts: 48 Forumite
    10 Posts Name Dropper
    london21 said:
    Nothing to be worried about.

    A broker should be able to assist you, self employed process is slightly different to PAYE emolyment.
    Do you think I should clear my paypal credit or leave as it is?
  • Drawingaline
    Drawingaline Posts: 2,988 Forumite
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 29 July 2021 at 2:35PM
    Your figures are pretty similar to ours last year. (410 house, 120 equity, me 10k, hubby 50k, wanting mortgage of 290, no savings though) I am self employed and that held up the offer, but they just kept asking for more info, didn't refuse just added time onto the wait. 

    We had 6k debt which we cleared the week before application, it was still on our credit reports, but wasn't an issue. I carried on using my credit card and clearing each month as normal.

    We moved in January.
    Debt free Feb 2021 🎉
  • Veromartos
    Veromartos Posts: 48 Forumite
    10 Posts Name Dropper
    Thanks. I am pretty nervous, hopefully the broker will have some answers.

  • Veromartos
    Veromartos Posts: 48 Forumite
    10 Posts Name Dropper

    We had 6k debt which we cleared the week before application, it was still on our credit reports, but wasn't an issue. I carried on using my credit card and clearing each month as normal.

    We moved in January.


    Do you think I should clear my paypal credit although is not a huge amount £290

    How long did you mortgage application taka to get approved?
  • Sunsaru
    Sunsaru Posts: 737 Forumite
    500 Posts Second Anniversary Photogenic Name Dropper
    £290 is but a mere scratch. I wouldn't worry about it. I had a couple of £k on my CC when I applied and it didn't affect my application.
    Nothing is foolproof to a talented fool.
  • Drawingaline
    Drawingaline Posts: 2,988 Forumite
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    Veromartos said:

    We had 6k debt which we cleared the week before application, it was still on our credit reports, but wasn't an issue. I carried on using my credit card and clearing each month as normal.

    We moved in January.


    Do you think I should clear my paypal credit although is not a huge amount £290

    How long did you mortgage application taka to get approved?
    Tbh I would if I had the funds. Mainly because it seems such a silly amount, but I doubt it would affect the application either way.

    Our mortgage offer took seven weeks. But this was last summer just as it all went bonkers, (we literally applied a year ago today, one week after the stamp duty holiday announcement!) and most people were still working from home leading to longer wait times anyway. 
    Debt free Feb 2021 🎉
  • london21
    london21 Posts: 2,214 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Veromartos said:
    london21 said:
    Nothing to be worried about.

    A broker should be able to assist you, self employed process is slightly different to PAYE emolyment.
    Do you think I should clear my paypal credit or leave as it is?
    £290 is such a small amount doubt it would affect anything.

    Try not to stress your appointment is soon.
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