Mortgage and paypal

[veromartos]

Good morning,

We have an appt with a broker on Saturday.

We put an offer on a house of £420.000

Husband salary £50.00

Mine £15.000

Deposit £120.000 (coming from savings and equity in our home)

Savings £62.000

We will apply for mortgage of £300.000

Until here all good.

Now, what is worrying me is,

1. I cleared a credit card last month for £290, I have no outstanding balance now.

1. I have a paypal credit and I owe £290, I paid monthly by direct debit and I have not missed any payment.

1. £36.000 from our savings account came last month from a bank account in Spain, it is from my flat sold there so I have transferred the money from my account in Spain to my account in UK

Should I be truly worried?

Please advise

You'll need to provide 3 months bank statements for your Spanish account it came from and possibly proof of the flat sale but your broker will be able to outline what you need exactly. I would however get a move on with statements especially as they will be international just to prevent any delays.

I wouldn’t be worried about the PayPal, credit card or the savings but I think you might struggle to get a mortgage for over 4.5 times joint income at the moment, and also you need to allow an extra £10k for fees

I also think you'll struggle to get that mortgage, we bought within the last year, higher earnings than you, slightly bigger deposit and we would have struggled to get that as the lenders were SO strict. Luckily we didn't need quite as big a mortgage.

And we were asked to clear ALL of our debts, no matter how small so if you can get that PayPal account paid off, then do.

Best of luck, fingers crossed for you