Port application - Clydesdale

Slazzz

Hi all, first time poster, long time viewer! 

We are currently going through a port application with Clydesdale and are feeling incredibly anxious as our next option is a 7k ERC and a much higher full interest rate. 

My husband is the sole earner at 102800 basic and 95k OTE (Last 2 years average of 70k comms) 

Mortgage currently at 240k 
Additional mortgage required 150K 
House value 480k 
LTV 81.5% 

Debts (as a result of house do up before sale) 
14k CC's (which we have stipulated we will pay off with equity) 
38k loan at 500pm 
PCP at 384 per month 

2 dependants both of school age so no outgoings to take into account. 

On the face of it, it looks absolutely fine. However, it hasn't stopped us being incredibly anxious over the past few days. 

Is there anyone in a similar boat? Wouldn't mind enjoying my weekend haha! 

Hoenir

Underwriters will review your last 72 months of credit history. On the face of it you have a decent household income and a relatively small mortgage in comparison. How the large amount of debt has accumulated over time will be a factor. Money management is a personal skill. Rich people frequently go bust. That's down to human nature and a spend now pay later lifestyle. 

Slazzz

Hoenir said:

Underwriters will review your last 72 months of credit history. On the face of it you have a decent household income and a relatively small mortgage in comparison. How the large amount of debt has accumulated over time will be a factor. Money management is a personal skill. Rich people frequently go bust. That's down to human nature and a spend now pay later lifestyle. 

Understood, we have put together a table of debt, what will be paid off using equity, what will be paid off prior to the mortgage completion. Hopefully the organisation makes it easier for them to assess.