I am in the process of moving house, we have been accepted in principal for a mortgage with Northern Rock, but I have been in touch with my bank I have realised that I have been living over my overdraft for the last 12 months and have been charged each month for this– (I thought my overdraft facility was 500 instead it is only 200) – I’m a dumb *** for not realising my mistake earlier – but I’ve been in touch with the bank and they have said it will go against my credit scoring. Now, if I’ve already had a mortgage accepted in principal – Northern Rock can’t refuse me a mortgage from now on? or can they?
Hopefully, I should be in my new house within 6 –8 weeks and my 500 debt will be cleared but I’m kinda panicking as my current house has already sold and i dont want them to refuse me a mortgage at this stage.
Will Northern Rock require copies of my Bank Statements?
2007-03-05 00:10:03 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
2007-03-06 01:02:47 · answer #1 · answered by gabriel jones 4 · 0⤊ 0⤋
Do you already have a mortgage commitment or do you just have a pre-approval from the mortgage company? If you already have the mortgage commitment, you should know what the underwriter needs, if anything. You should be able to speak with your loan officer and ask them if there are any other papers they will need.
If you will be able to pay off the $500 when you buy the new home (or sell your old one), the mortgage company will most likely not have a problem. I would suggest letting your loan officer know the situation and tell them that it will be paid. It is not worth taking the chance of not getting the loan because of fraud (omission can be considered fraud) over a $500 bill that will get paid.
As for the money going against your credit scoring, from what I have been told, it could take 4-8 weeks for the information to show up on the credit reporting agencies.
Hope this helps!
2007-03-05 01:51:00 · answer #2 · answered by c21bucks 2 · 0⤊ 0⤋
You should not panic at all. NR would want to know, for sure, how you are going to repay the mortgage and would want to make sure that in case you failled to do so, an insurance will pay. Hence, the most important things NR would want to be assured of is assurance of your annual salary from your employer and an insurance cover.
Should they require a bank statement, fine, give them the most latest statement, and if they enqyire anything, give them the full explanation as you gave us here. I don think they will hold that against you.
Hey, don't forget to invite me for the house warming party!
All the best!/
2007-03-05 00:50:13 · answer #3 · answered by Ebby 6 · 0⤊ 0⤋
So long as you've got a job, that should not be an issue esp if you're borrowing from the same bank. There may be some problems though if you try to borrow from a different lender in the future.
Visit http://www.cheap-credit-cards.org for more information
2007-03-05 01:31:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋