Will my small o/d affect my mtg app?

JayneG

Firstly, apologies for the lack of paragraphs - the settings on my laptop don't allow them for some reason! I’ll make a series of posts for ease of reading. My WOM broker has today submitted our mortgage application and is very sure that an offer will be forthcoming based on the fact that we are borrowing a sensible amount (2.5x joint, and £40k less than the lender indicated they would be prepared to lend). We have just one car loan and this was disclosed at the AIP stage...

JayneG

However, in getting together our supporting documents, I have a few niggles that I need some reassurance on...

JayneG

1) My last 3 statements show that I am £150-300 into my £1500 o/d at the end of the month (amount varies each month, but is not growing). Is this level of o/d likely to have an affect on the decision? I have been saving £400 pm also in a separate account, should I ask my broker to highlight this?

JayneG

2) My driving licence stills bears my old address, as we have been renting for 8 months and I have not had it updated, surely this won't be of any consequence will it?

JayneG

3) It transpires that the annual salary I gave for my husband was exactly £1000 higher than it actually is.

JayneG

Do you think any of these 3 issues will have an adverse affect on the application? We both have good credit histories too.

Further details if of use:
Lender: RBS
Reqested amount: £190LTV: 90%
Oops, just realised how to add paragraphs!!!

opinions4u

1) My last 3 statements show that I am £150-300 into my £1500 o/d at the end of the month (amount varies each month, but is not growing). Is this level of o/d likely to have an affect on the decision? I have been saving £400 pm also in a separate account, should I ask my broker to highlight this?

A modest overdraft within your limit shouldn't be a problem. That said, would you be better clearing it from savings (less interest) and starting to manage your current account in credit all the time?

2) My driving licence stills bears my old address, as we have been renting for 8 months and I have not had it updated, surely this won't be of any consequence will it?

If you are using this as ID or address verification, then it could cause problems. Additionally, if the police stop you and ask you to produce documents and they are out of date, you could end up with a fine of (I believe) up to £1,000.

3) It transpires that the annual salary I gave for my husband was exactly £1000 higher than it actually is.

I would be surprised if these issues affected the lending, given the £40k gap between borrowing and maximum allowed.

Robert_Sterling

JayneG wrote: »

2) My driving licence stills bears my old address, as we have been renting for 8 months and I have not had it updated, surely this won't be of any consequence will it?

You should have it updated.

Robert_Sterling

JayneG wrote: »

3) It transpires that the annual salary I gave for my husband was exactly £1000 higher than it actually is.

This will not help.