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mortgage application - credit advice

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Jo1923
Jo1923 Posts: 45 Forumite
Fourth Anniversary 10 Posts
in Mortgages & endowments
want to purchase a new house - we have 252k  equity and the new property is 500k i earn 58k , partner earns 21k don’t think the lending is an issue - but my credit score has taken a dip due to taking out a credit card -
paying for a holiday - and then clearing the card, but i also took out a 5k loan in Nov to consolidate a few things and am literally just about to pay it off - it was a low interest monzo loan so kept chipping away at it - will the fact i have taken out two products and cleared them quickly impact ? also does been in overdraft ( arranged ) matter ? 
thanks 

Comments

  • ACG
    ACG Posts: 24,562 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Dont worry about your score. Lenders use their own scoring system. 
    Being in an overdraft wont matter unless you are permanently in it, then it would depend on the lender. Some are less worried about it than others. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Jo1923
    Jo1923 Posts: 45 Forumite
    Fourth Anniversary 10 Posts
    so you don’t think two applications taken out and paid off will be an issue - don’t want it to look like was desperate - just wanted to consolidate some small credit 
  • ACG
    ACG Posts: 24,562 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    You took out a loan to consolidate your debt to pay it off quicker... which you did/have done. 
    Seems smart to me. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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