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Applying for a mortgage worries

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  • 12-02-2012 12:21am
    #1
    soph13
    Closed Accounts Posts: 4 ✭


    Hi, I am hoping someone can offer some advice please.

    When submitting a mortgage application I understand 6 months bank statements and 3 months credit card statements are required. If the credit card balance is zero when applying for the mortgage but previously had a balance over the preceding 3 months (which would show on statements and of course the transfer of cash from bank account to credit card account) would the bank view this unfavourably in terms of mortgage approval.

    I realise obviously that many other factors need to be taken into consideration For mortgage approval but would like some advice re the CC situation outlined above.

    Thank-you.


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    #2
    amdublin
    Moderators, Category Moderators, Arts Moderators, Entertainment Moderators Posts: 20,648 CMod ✭✭✭✭amdublin


    Was the credit card in order?

    How much was the balance and payments etc?


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    #3
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    soph13 wrote: »
    Hi, I am hoping someone can offer some advice please.

    When submitting a mortgage application I understand 6 months bank statements and 3 months credit card statements are required. If the credit card balance is zero when applying for the mortgage but previously had a balance over the preceding 3 months (which would show on statements and of course the transfer of cash from bank account to credit card account) would the bank view this unfavourably in terms of mortgage approval.

    I realise obviously that many other factors need to be taken into consideration For mortgage approval but would like some advice re the CC situation outlined above.

    Thank-you.

    Not in the slightest! The only concerns an underwriter has in relation to CC statements is if the account is in excess of the credit limit or ATM withdrawals are evident at a time when the applicant didn't have sufficient funds in current account to cover living exlenses. You are worrying unduly


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    #4
    soph13
    Closed Accounts Posts: 4 ✭soph13


    amdublin wrote: »
    Was the credit card in order?

    How much was the balance and payments etc?
    The card is in order. Current balance is € 4,000 which will be cleared in the next 6 weeks.


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    #5
    amdublin
    Moderators, Category Moderators, Arts Moderators, Entertainment Moderators Posts: 20,648 CMod ✭✭✭✭amdublin


    Big positive it is order :)

    Is it being paid off by yourself? (or a relative or friend??)
    And were the past payments by yourself?


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    #6
    soph13
    Closed Accounts Posts: 4 ✭soph13


    amdublin wrote: »
    Big positive it is order :)

    Is it being paid off by yourself? (or a relative or friend??)
    And were the past payments by yourself?
    Yes, all payments are made by myself.


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    #7
    amdublin
    Moderators, Category Moderators, Arts Moderators, Entertainment Moderators Posts: 20,648 CMod ✭✭✭✭amdublin


    Okay well then the only issue I could see them raising is that it was a reasonably high limit. But if it was never out of order and always paid on time I can't see an issue.

    And you have been saving along with this cc?


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    #8
    soph13
    Closed Accounts Posts: 4 ✭soph13


    amdublin wrote: »
    Okay well then the only issue I could see them raising is that it was a reasonably high limit. But if it was never out of order and always paid on time I can't see an issue.

    And you have been saving along with this cc?
    Yes, more or less, but over the past couple of months I haven't been as I am trying to clear the CC balance.


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    #9
    amdublin
    Moderators, Category Moderators, Arts Moderators, Entertainment Moderators Posts: 20,648 CMod ✭✭✭✭amdublin


    Best of luck. Have a chat with them and see.


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