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  • FIRST POST
    • R.o
    • By R.o 12th Oct 17, 1:30 PM
    • 9Posts
    • 0Thanks
    R.o
    FTB Help! Unplanned overdraft Fee's
    • #1
    • 12th Oct 17, 1:30 PM
    FTB Help! Unplanned overdraft Fee's 12th Oct 17 at 1:30 PM
    First time posting, just after some advice from anyone with experience on the below,

    First time buyer
    Property Value: 325,000
    20% Help to buy equity loan scheme
    Deposit: 17,000
    Annual: 54,000
    Both been in jobs 3+ years
    Credit Card Clear
    Financial commitments: car loan & mobile phone contacts if you count them.


    My question is how will unplanned overdraft fee's on a closed account effect a lenders decision (if they request them) Natwest/Halifax in this case? Our main accounts where our salaries are paid into & monthly budget is used are in perfect order BUT our recently closed household bills account (rent, gas etc) has unplanned overdraft fee’s on. We DID NOT have an overdraft facility on these accounts as we have plenty of saving but due to our broadband DD which comes out early, it takes the account into a slight minus, then a day later we are paid then we organise our finances for the month so it is settled with a day or so. Result of this is a small unplanned overdraft fee of course.

    Am I best supplying my current account statements which show my salary/monthly budget & household bill transfers in the hope they do not request the closed accounts statements? I understand there are lenders out there who do not need statements but just want to see what advice is out there. I can prove all my rent/household bills have been paid on time within the two years we have been renting with no problems. Just want to see if anyone has had any experience with these fee's

    I am aware this silly situation could have been avoided by putting £50 into the accounts but hey, we are here now.

    Thanks in advance.



Page 1
    • YHM
    • By YHM 12th Oct 17, 1:36 PM
    • 303 Posts
    • 98 Thanks
    YHM
    • #2
    • 12th Oct 17, 1:36 PM
    • #2
    • 12th Oct 17, 1:36 PM
    Afternoon R.O

    They are frowned upon, but I would expect the lenders in question to both be comfortable with it. I wouldn't expect the statements for an old bill account to be requested, but even if you disclosed them in the interests of full and frank honesty / disclosure, I couldn't see it influencing a lending decision
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • kingstreet
    • By kingstreet 12th Oct 17, 3:17 PM
    • 32,366 Posts
    • 17,376 Thanks
    kingstreet
    • #3
    • 12th Oct 17, 3:17 PM
    • #3
    • 12th Oct 17, 3:17 PM
    Which bank held the account in question?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • R.o
    • By R.o 12th Oct 17, 3:46 PM
    • 9 Posts
    • 0 Thanks
    R.o
    • #4
    • 12th Oct 17, 3:46 PM
    • #4
    • 12th Oct 17, 3:46 PM
    Lloyds Bank
    • R.o
    • By R.o 12th Oct 17, 3:51 PM
    • 9 Posts
    • 0 Thanks
    R.o
    • #5
    • 12th Oct 17, 3:51 PM
    • #5
    • 12th Oct 17, 3:51 PM
    Our main good accounts (salaries/monthly spend budget/bills bank transfers are with Barclays bank.
    • kingstreet
    • By kingstreet 12th Oct 17, 4:24 PM
    • 32,366 Posts
    • 17,376 Thanks
    kingstreet
    • #6
    • 12th Oct 17, 4:24 PM
    • #6
    • 12th Oct 17, 4:24 PM
    Lloyds Bank
    Originally posted by R.o
    Stay away from Halifax then.

    Just in case.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • R.o
    • By R.o 12th Oct 17, 4:58 PM
    • 9 Posts
    • 0 Thanks
    R.o
    • #7
    • 12th Oct 17, 4:58 PM
    • #7
    • 12th Oct 17, 4:58 PM
    Many thanks for the advice. My savings are held in my Halifax savings account, I have held this account since I was a child so quite a long time. Do you think they would still ask for statements If an application was put forward to them?
    • kingstreet
    • By kingstreet 13th Oct 17, 7:30 AM
    • 32,366 Posts
    • 17,376 Thanks
    kingstreet
    • #8
    • 13th Oct 17, 7:30 AM
    • #8
    • 13th Oct 17, 7:30 AM
    No.

    Halifax is part of Lloyds Banking Group and you cannot assume there is no means of a Halifax application picking up poor Lloyds account conduct by internal links.

    If you'd said NatWest, you would be told the same, stay away from NatWest.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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