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    • puggle78
    • By puggle78 6th Jul 18, 8:15 AM
    • 2Posts
    • 0Thanks
    Applying for mortgage in the new year - best way to pay off loan in the meantime?
    • #1
    • 6th Jul 18, 8:15 AM
    Applying for mortgage in the new year - best way to pay off loan in the meantime? 6th Jul 18 at 8:15 AM
    Hi there, first post so hoping I'm doing this right!

    Myself and my partner will be looking to apply for a mortgage next year so in the meantime are just trying to get our credit files looking as good as possible. I'm just wanting some advice - a family member lent me 2000 to pay off a credit card which I will be able to repay by the end of this year. They are happy for me to just put all the money aside (say, in a savings account) and then repay them in one lump sum in December if that will help me and make my credit file look better. So what I'm wondering is, is that a better way to do it? Or will it look better if I just repay them in instalments each month? (Or does it not really make a difference?!). I know they really look thoroughly at bank statements etc when applying for a mortgage so I just don't want anything to look dodgy on there!

    Thank you in advance for your help.
Page 1
    • Edi81
    • By Edi81 6th Jul 18, 8:22 AM
    • 555 Posts
    • 512 Thanks
    • #2
    • 6th Jul 18, 8:22 AM
    • #2
    • 6th Jul 18, 8:22 AM
    Savings don!!!8217;t appear on credit files.
    Lenders tend to look for last 3 bank statements so it shouldn!!!8217;t be an issue.
    • puggle78
    • By puggle78 6th Jul 18, 8:28 AM
    • 2 Posts
    • 0 Thanks
    • #3
    • 6th Jul 18, 8:28 AM
    • #3
    • 6th Jul 18, 8:28 AM
    Thank you Edi81. Do they not generally look at your savings accounts either? Ie I'm just wondering whether they're more likely to question a regular payment going out of my current account each month to a) the family member or b) into the savings account (but then obviously all the money that will gave gone into the savings account will then go back out in one lump sum at the end of the year).

    Not sure if I'm over thinking it, haha!
    • foxy-stoat
    • By foxy-stoat 6th Jul 18, 8:35 AM
    • 3,016 Posts
    • 1,693 Thanks
    • #4
    • 6th Jul 18, 8:35 AM
    • #4
    • 6th Jul 18, 8:35 AM
    Just give them their money back and pay your credit card off - if you can do that by December it wont make a lot of difference.
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