Not paying off credit card before mortgage
theoallen
Posts: 21 Forumite
Right this might seem like a silly question but here goes...
When filling out my mortgage application, I had £1200 on my credit card. I put this on the application and also put that it would be paid off before I moved house. However, now, due to unforeseen events, I have only been able to pay off £200 and won't be able to pay off the remaining £1000. My worry is that the mortgage company (nationwide) will not like this, but is it something I should be worried about?
When filling out my mortgage application, I had £1200 on my credit card. I put this on the application and also put that it would be paid off before I moved house. However, now, due to unforeseen events, I have only been able to pay off £200 and won't be able to pay off the remaining £1000. My worry is that the mortgage company (nationwide) will not like this, but is it something I should be worried about?
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Comments
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I would recommend that you contact Nationwide and let them know what's happening, if you don't this could be considered mortgage fraud, or at the very least you may lose any mortgage offer you receive.
It maybe that they are fine with it, they may have already taken the debt in to their calculations before hand or it maybe that they reduce the amount they are willing to lend you. It's probably best that if you are unsure that you consult with an adviser, as they will be able to direct you on the best course of action and if the lender you have applied to is no longer willing to offer you the full amount you need, they may be able to find you another who will.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.0
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