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First time buyer, what do brokers look for?

(3 Posts)
holeinmypocket Fri 19-May-17 12:01:25

Hi, have got a guilty conscience and looking for some reassurance. Dh and I have saved a good deposit and are looking to buy a house. We have a help to buy ISA each and both work. Dh earns a low wage but good commission. I only earn £80 per week, reduced my hours to look after kids.
My problem is I 'secretly' use my credit card and owe nearly £300. I get £100 a month and usually pay £50 off each month, occasionally spend a bit too though!
My dh is a totally against credit and is already planning a mortgage he can pay extra off if we can afford to. I really don't want him to know I owe this money. He knows I use the card each week to pay the online shopping but I do pay that off every week when it leaves the account. I can't borrow any money to clear my credit card. Is the mortgage broker going to uncover my debt? The bank recently upped my credit limit to £2000. Any advice would be appreciated. TIA

Ellisandra Fri 19-May-17 13:50:14

I would not be committing to a house purchase with a man I couldn't even tell that I owe £300 to.
This is your husband.

Why do you owe money? Is it because you don't budget well or because as a family you haven't set a realistic budget?

You have a deposit saved.
- work out whether you personally over spend or you as a couple haven't budgeted right
- tell your husband, with an apology if it's the former, just factually if it's the latter
- pay it off from the house deposit
- sort out your budget together
- cut up the card

Don't be passive - the bank don't decide your credit limit you do. If you want it for emergencies or online purchases fine - but call the bank and put it back to £300

A £300 credit card debt - with no defaults - won't affect your mortgage application. It may even have improved your credit history if you haven't defaulted.

But you will need to declare all balances to your broker/lender.

Bite the bullet - tell him, you're an adult who made adult choices so you don't have to do what he says.

holeinmypocket Fri 19-May-17 14:19:34

Thank you. To be fair, I have overspent as we have been saving and I have had a few things I shouldn't have. Yes, will have to tell him.

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