Things taken into consideration for a mortgage

littlepickle

Hi

I have just applied for a mortgage and I left out some information (simply because I didnt have it to hand) and I am wondering if this will affect whether or not I get mortgage approval?

I have a loan with the student loans company in the UK as I went to college in Manchester. I grew up in the north and so my home postal address is in Antrim and the loan is registered to this address. I pay it off but due to the differences in currency I cannot set up a direct debit from my Bank of Ireland account down here so I simply pay it off over the phone by credit card, little bits every now and again.

The problem is I left this information of my application as I was hoping to get approval through asap as there is a property I would like to put and offer in on. I only get annual statements from the student loans company and due to the adhoc way I have been making payments they only send a statement of the outstanding balance which too be fair is not really a huge amount. Plus all this goes to the address in Antrim.

I was just wondering is there anyway a bank down here can review this history in the north?

I know I probably rushed into getting the application in so please no judgements. And I know it is probably fair that I am now panicking but I am worried I might have skuppered my chances and was wondering if someone could shed some light on this for me?

Thanks.

edanto

I would presume that there is some kind of info sharing between banks.

Perhaps your best option at this point is to arrange a meeting with the manager of the branch you submitted to and explain about the student loan, say that you accidentally left it off. Expect to come under more financial scrutiny and give them what they ask for in terms of paperwork.

Basically they'll wonder if there is more that you haven't been upfront about, but presuming there isn't, they should still want to loan you the money. It is how they make their money after all, and the more they can loan out the better.

Just be patient with their extra demands, since they're about to loan you X hundred thousand!

Slydice

It sounds like you are rushing things.

I think you would be better off stopping in your tracks with the mortgage thoughts.

Sort out your student loan. Clear it off and wait for about six months and see if and how much money you can save in that time.

With that in mind, go back to thinking about a mortgage. Think about it carefully.

StillWaters

I don't think there is credit checks between Ireland and the UK. However if you have made payments from your Credit Card, this will alert them. Banks approving mortgages are going through bank and credit card statements with a fine tooth comb.

If its not a huge amount, would you not just pay it off to have a clean mortgage application?

edanto

+1 to Slydice