Hello,
Since a previous post a number of weeks ago, we have submitted a mortgage application to Accord via a broker. The application was submitted last Tuesday and today we had a valuation of the property we hope to buy. As per my previous post, we have a couple of ongoing credit commitments. One of these is a Tesco bank credit card with a balance of £3500 which we initially thought we couldn't afford to repay. Just prior to submitting our application, we re-did our sums and have worked out that we can afford to re-pay this in time for completion and marked this as such on our application. On Tuesday, our broker's assistant requested that we provide a statement for the account from which the lump sum was to come from that would clear this balance. We will not be paying it off this way (as if we had a lump sum of £3500 spare we would pay it off immediately to avoid the monthly interest!), instead the balance will be reduced monthly from our wages and some planned overtime payments - so this was the explanation we gave to the broker.
Does this seem like an acceptable explanation of how the balance will be cleared? We haven't had any further questions from them regarding it as yet.
Our broker is being excellent - daily updates, even if there is no real news but the waiting is very nerve wracking all the same.
Since a previous post a number of weeks ago, we have submitted a mortgage application to Accord via a broker. The application was submitted last Tuesday and today we had a valuation of the property we hope to buy. As per my previous post, we have a couple of ongoing credit commitments. One of these is a Tesco bank credit card with a balance of £3500 which we initially thought we couldn't afford to repay. Just prior to submitting our application, we re-did our sums and have worked out that we can afford to re-pay this in time for completion and marked this as such on our application. On Tuesday, our broker's assistant requested that we provide a statement for the account from which the lump sum was to come from that would clear this balance. We will not be paying it off this way (as if we had a lump sum of £3500 spare we would pay it off immediately to avoid the monthly interest!), instead the balance will be reduced monthly from our wages and some planned overtime payments - so this was the explanation we gave to the broker.
Does this seem like an acceptable explanation of how the balance will be cleared? We haven't had any further questions from them regarding it as yet.
Our broker is being excellent - daily updates, even if there is no real news but the waiting is very nerve wracking all the same.