Hi all,
I was wondering whether anyone would be able to offer any insight as to where I stand on the following:
Mortgage offer accepted in February on a new build property due to complete at the end of June. Mortgage offer is valid until October.
At the time of applying for the mortgage, my partner and I between us owed circa £9000 on credit cards, as well as the remaining balance of a £5000 personal loan.
Since the mortgage offer, we have cleared our credit card balances to £0 and closed 2 of the 3 credit card accounts. We have also cleared the remaining balance of the personal loan. The thing is, that we have taken out a new personal loan for £14500 over a period of 4.5 years, which we have been paying without issue since March.
My question is, do you think that there will be any issues with our mortgage company when it comes to completion in a few weeks time? Quite anxious, as we have bought a lot of furniture and invested heavily already such as mortgage product fee (paid upfront), solicitors fees and deposit etc.
On a positive note, between us we have seen our annual basic salary increase by £1000 pa since the mortgage offer, as well as an uplift in variable pay (though this was not taken much into consideration at point of mortgage application). Our monthly credit commitments have reduced from circa £450 (minimum payments on cards and loan), to circa £370 (loan repayment).
Any advice would be very much appreciated!
I was wondering whether anyone would be able to offer any insight as to where I stand on the following:
Mortgage offer accepted in February on a new build property due to complete at the end of June. Mortgage offer is valid until October.
At the time of applying for the mortgage, my partner and I between us owed circa £9000 on credit cards, as well as the remaining balance of a £5000 personal loan.
Since the mortgage offer, we have cleared our credit card balances to £0 and closed 2 of the 3 credit card accounts. We have also cleared the remaining balance of the personal loan. The thing is, that we have taken out a new personal loan for £14500 over a period of 4.5 years, which we have been paying without issue since March.
My question is, do you think that there will be any issues with our mortgage company when it comes to completion in a few weeks time? Quite anxious, as we have bought a lot of furniture and invested heavily already such as mortgage product fee (paid upfront), solicitors fees and deposit etc.
On a positive note, between us we have seen our annual basic salary increase by £1000 pa since the mortgage offer, as well as an uplift in variable pay (though this was not taken much into consideration at point of mortgage application). Our monthly credit commitments have reduced from circa £450 (minimum payments on cards and loan), to circa £370 (loan repayment).
Any advice would be very much appreciated!