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Mortgage advice needed..I'm going out of my mind!

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I would never trust going to a bank directly, they are there to fleece you, not help you.

 

Wow, just wow.

 

Whoever you go with for your mortgage, if the Credit Card issue comes up then you need to be forthright and argue that Credit Cards are unsecured borrowing, where as your mortgage loan application is going to be borrowing secured against the value of your property. That you realize that being a different type of borrowing means that to you as the client, it carries a different value of risk and would of course therefore always prioritize the repayment of your mortgage above the repayment of the credit cards.

 

You also need to push the fact that (assuming that you haven't had other mortgages/loans prior to this one, first time buyer?) you have credit cards partially as a means to build up a credit score/profile to help allow the evaluation of your worthiness to get a mortgage - your history of repayment to the cards if done carefully (in full, on time each month if possible etc.) helps demonstrate your ability to repay.

 

*edit* You could also be a little brass necked, if paying for the services of the mortgage broker by your credit card you also state that another reason you have the cards is that transactions to pay for goods and services between the value of £100 and £30K is covered by section 75 of the consumer credit act and gives you extra protection - so if their quality of service is sub-par and not up to the standards of your agreements (verbally and in writing) then you have that as an extra value insurance option. Know your rights in all situations. Companies and their employees are then less likely to screw with you. It's surprising how much being an informed customer then sharpens the abilities of companies to then provide better customer service.

 

Seriously do not listen to this advice.

 

Not many whole of market brokers out there that don't charge fees anymore. Since April 2014 the work involved with obtaining a mortgage has tripled and the commission paid by lenders has stagnated. Good luck if you can find one but you know the age old saying, you get what you pay for.

 

---------- Post added 15-08-2016 at 09:19 ----------

 

Ps to the op most mortgage offers have conditions and Nationwide do ask some random questions about outstanding liabilities, it sounds to me as though the advisor in the bank has put that your credit cards will be zero on completion. That does not mean you won't be able to complete you need to speak to the original advisor and get the condition removed from the offer. If you still meet their affordability criteria then great you can complete if not you'll either need to repay the commitment or find another lender with less stringent affordability rules.

 

May I suggest you go onto Nationwides website and use their affordability calculator this may give you some peace of mind whilst you wait for the advisor to get back to you.

 

Danny is spot on, good to see you have another offer elsewhere too.

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Just a quick update. I contacted my solicitor who confirmed that the cards would have to be repaid in full as stated in the offer. I contacted the mortgage company to ask if the condition could be removed. He sent an email to the underwriters who are currently working on a 4-day turnaround and so I haven't heard back from them yet.

 

In the meantime, I contacted a mortgage broker (thanks Danny_Boy). Mortgage broker put an application forward to another mortgage provider on Monday. Today is Friday and my offer came through today from the new provider with no conditions attached.

 

You guys are the best!

 

Thanks a bunch :)

 

Congratulations and wish I have seen this post earlier! This happened to me too and NatWest needed me to clear my £7000 credit card even though I told them it was on 0% interest and the money is just sitting somewhere earning interests...

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