Mortgage question

[caz99]

If you have debts when you go for a mortgage does it count against you?

also what about your overdraft?

thank yous!

 

[Deano's Right Foot]

*beep beep beep*

That is the Uncle Spielberg mortgage alarm going off again.

He'll be here in a minute.

 

[Theatre of Trees]

Yes it does, you need to get them cleared first.

 

[Marshy]

Only if you tell them about them......

 

[See-Goals]

I'm waiting for a mortgage decision and they asked me whether I had any outstanding credit card bills, personal loans, store cards etc.. So Yes I imagine they do.

But I have none of the above because I'm a good boy

 

[tedebear]

If you have debts when you go for a mortgage does it count against you?

also what about your overdraft?

thank yous!

you'll have to declare your monthly income then subtract any monthly payments on your existing debts then subtract bills and living money to come up with how much "spare" cash you have each month to fund the mortgage payments....ie if after all this you have £500 left and the mortgage payment is £600 - they'll turn you down....

 

[Simster]

Whilst you're here Gareth, have had a chance to watch SOCCER DOG yet?

 

[Uncle Spielberg]

It doesn't count against you in fact the opposite as it shows you have had credit and paid it on time. It is better to have credit cards and loans than no credit at all as you get points for it on the lenders credit scoring systems.

What does happen is that most lenders ( not all ) will work out how much a year you pay on credit cards and loans and deduct it from your incomes before they apply their income multiples so it can affect the amount of mortgage they will offer.

However there are some lenders such as the Nationwide Bs and IF who base their lending on affordability rather than income multiples.

 

[Uncle Spielberg]

PM me and I will e mail you the maximum mortgage I can get and the best lenders/rates.

 

[Lammy]

Only if you tell them about them......

Exactely. They have no way of finding out either. They'll also ask you about your out goings. Lie about them too. If I was honest I would still be living with my Mother.

A credit check will only tell them whether you pay your bills ono time or not. It won't tell them would you current situation is. What pissed me off the most is that I had lie about my salary. At the time I was on a probation period that carried a £1000 rise at the end of three months. They wouldn't lend to someone on probation and I need the £1000 rise to get the amount I needed. So I said I had a 'guarenteed' rise in a months time. I cleared it with my boss first (i.e. Am I going to pass my probation?). They said this was fine. After sweating about this for weeks they came back and said, well you credit reference is so good we don't need proof of earnings!!! Argh!!! I would have inflated my earnings even more if I'd known that!

 

[Yorkie]

Have a look here. We found a great Nationwide mortgage just by searching this site.

http://money.uk.msn.com/mortgages/default.aspx

 

[Uncle Spielberg]

The use Experian or Equifax who will list all your credit cards, loans and mortgages for the last 6 years against your addresses including all credit searches done and a payment profile, they can also link addresses so to forget to declare loans and cc's and other mortgages will not help, in fact blow any chance of getting a mortgage as it hardly puts you in a good light with the lender by trying to lie.

 

[Easy 10]

If I was honest I would still be living with my Mother.

Did she kick you out for being a LIAR then ?

 

[Lammy]

The use Experian or Equifax who will list all your credit cards, loans and mortgages for the last 6 years against your addresses including all credit searches done and a payment profile, they can also link addresses so to forget to declare loans and cc's and other mortgages will not help, in fact blow any chance of getting a mortgage as it hardly puts you in a good light with the lender by trying to lie.

They can tell you the name of lenders and Credit card companies but not the amounts in question. Data protection and all that...

 

[Lammy]

Did she kick you out for being a LIAR then ?

You saw right through me

 

[Uncle Spielberg]

I am afraid you are wrong, they tell the lender the amount owing on all credit cards, loans and mortgages.

 

[caz99]

Thanks. guys I have gone with Uncle Spielberg.

 

[captainmorganrum]

Thanks. guys I have gone with Uncle Spielberg.

Don't tell your intended that then!

 

[Easy 10]

guys I have gone with Uncle Spielberg.

Got any pictures ?

 

[Lammy]

I am afraid you are wrong, they tell the lender the amount owing on all credit cards, loans and mortgages.

I stand corrected.