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  • FIRST POST
    • ooh_aah
    • By ooh_aah 6th Aug 18, 7:39 PM
    • 5Posts
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    ooh_aah
    Nationwide Mortgage Offer - Special Conditions
    • #1
    • 6th Aug 18, 7:39 PM
    Nationwide Mortgage Offer - Special Conditions 6th Aug 18 at 7:39 PM
    I have just had a mortgage offer through from nationwide.

    During the application process I advised that we have in total, across 3 credit cards, around 4,400 owing

    When asked how much we would pay off before the mortgage I said approx. 65, 20 and 20 across the 3 cards

    I have now had the mortgage offer through and under special conditions it says the mortgage will be offered on the understanding that the following commitments will be repaid on or before completion..

    "Credit Card with Virgin with an approximate balance of 65 (repeated for other 2)

    Does this simply mean that the mortgage will only be completed once we have reduced those cards by those amounts - and not that it is a typo and will need to pay off all 3 cards (which would be impossible and wasn't advised at any point in the 2 x calls we had doing the application?


    Thanks
Page 1
    • sheepy21
    • By sheepy21 6th Aug 18, 9:46 PM
    • 173 Posts
    • 172 Thanks
    sheepy21
    • #2
    • 6th Aug 18, 9:46 PM
    • #2
    • 6th Aug 18, 9:46 PM
    I had 75 on credit card and was told it had to be paid in full, came as a bit of a surprise as I know people get mortgages with large credit card debts. Just pay the amounts stated for each and show your solicitor, I sent a screenshot showing a zero balance and we were good to go !!!55357;!!!56397;
    • Nebulous2
    • By Nebulous2 7th Aug 18, 7:52 AM
    • 2,127 Posts
    • 1,316 Thanks
    Nebulous2
    • #3
    • 7th Aug 18, 7:52 AM
    • #3
    • 7th Aug 18, 7:52 AM
    They've misunderstood what you said. It seems to be a standard question with Nationwide. I had a lot of credit card debt, and following their advice paid a lot of it down before I applied.

    On application I was asked how much was left and was also asked how much I could / would pay off before my mortgage went through. I said 600 and got a condition to repay that. I paid slightly more, just to be safe, but they didn't check to the best of my knowledge.
    • ooh_aah
    • By ooh_aah 7th Aug 18, 9:12 AM
    • 5 Posts
    • 2 Thanks
    ooh_aah
    • #4
    • 7th Aug 18, 9:12 AM
    • #4
    • 7th Aug 18, 9:12 AM
    I called Nationwide and you are both right, the condition is that I pay off 65, 20 and 20 off the respective cards and not that I am expected to pay off the full balances - think they could have worded it better

    In hindsight I should have just said I wouldn't be paying anymore off before the mortgage completion as I can't really see how having an extra 105 on the total credit card balances would have made any difference to the affordability calculation! Now I will probably have to forward in Credit Card statements to the solicitor to confirm these payments have been made
    • butterflybook
    • By butterflybook 7th Aug 18, 9:23 AM
    • 115 Posts
    • 35 Thanks
    butterflybook
    • #5
    • 7th Aug 18, 9:23 AM
    • #5
    • 7th Aug 18, 9:23 AM
    Your solicitor may ask for confirmation as it is a condition off the mortgage offer but nothing to worry about
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • Smellyonion
    • By Smellyonion 7th Aug 18, 9:50 AM
    • 136 Posts
    • 86 Thanks
    Smellyonion
    • #6
    • 7th Aug 18, 9:50 AM
    • #6
    • 7th Aug 18, 9:50 AM
    105? that's pretty pedantic. They must be satisfying a tick box exercise in "reducing customer risk".
    • sparkey1
    • By sparkey1 7th Aug 18, 11:10 AM
    • 439 Posts
    • 193 Thanks
    sparkey1
    • #7
    • 7th Aug 18, 11:10 AM
    • #7
    • 7th Aug 18, 11:10 AM
    Lucky you.

    I suppose they are just holding you to your word, as they have taken your stated repayment plan into account for underwriting.

    Just goes to show, that you dont always need to promises to pay off in full.
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