does been overdrawn affect my chances of a mortgage?

bigianw

when i get paid bank take money back, but i used the overdraft again to manage on every month its not a lot just £600 every time my wages go in, bank take their money back, but i usually borrow it again to live off rest of month its always like this they take it back i borrow it again

would this make any diff to my mortgage application? as the mortgage advisor has not asked to see my bank statements just wage slips would they find this info out without asking for bank statements? i havent mentioned it to advisor as i dont see its like a c c debt
advice please

CLAPTON

being in your OD every month is seen as being a poor money manager and living above your means

Thrugelmir

Do you have a deposit saved ?

bigianw

my big sis is lending it me

Thrugelmir

If you require an overdraft to live on and cannot afford to save. Then a mortgage is not advisable at this point in time. As you obviously are not in a position to afford it.

As a start you need to get your personal finances under control and reduce your outgoings. Then learn to live without using an overdraft.

_Andy_

Same idiot that thought they were clever not disclosing their CC debt and making a fraudulent application.
superb.

https://forums.moneysavingexpert.com/discussion/comment/36435875#Comment_36435875

bigianw

but if i get this house im after, my outgoings will be less, so i can afford it
my sis offered me deposit so i said yes
i sign mortgage contract tomorrow
and i have not been asked for bank statements does that mean they wont check them? or do they check without needing bank statements after all they have my wage slips isnt that enough?

mavala25

Hi bigianw
I wanted to share my experience with you that happened to me today and this may or may not re-assure you.
Myself and my partner put in for our mortgage at end of August and it was agreed in principle, at that satge we weren't asked to provided any documents/evidence.
In the last 10 days or so, as we have found the house we want we have put in the formal application for the mortgage, for this amongst other things we were asked for 12 months bak statements each.
Let me tell u, I have been on tenterhooks since the day i submitted those things as by partner PERMANETLY lives in his overdraft. He has an OD limit of about £2300 and Regualrly goes over it incurring charges. After doing some research on various forums I would have bet my bottom dollar that our formaly mortgage appliaction would have been refused.
I felt sick with worry for days especially because we paid for a basic valuation and HBR and this was non-refundable even if the mortgage was rejected.
I finaly got through my lender today and just blurted out ' JUST TELL! ME ITS BAD NEWS ISNT IT?' and to my suprise they have said my mortgae offer has been accepted! Bizzarely it was on the condition that I pay off my credit card balance. I can do this, but was suprised i was the problem out of the 2 of us.
I was also convinced that since my partner goes over his OD limit his credit score would be affected but it seems not.

Bizzarely though there willing to lend us £323 less than we actualy need, but thats not a problem.

Just thought I share this with you as I know exactly how you're feeling.

Thrugelmir

They'll see your overdraft usage when performing the credit check. So no need for bank statements.

bigianw

mavala25 wrote: »

Hi bigianw
I wanted to share my experience with you that happened to me today and this may or may not re-assure you.
Myself and my partner put in for our mortgage at end of August and it was agreed in principle, at that satge we weren't asked to provided any documents/evidence.
In the last 10 days or so, as we have found the house we want we have put in the formal application for the mortgage, for this amongst other things we were asked for 12 months bak statements each.
Let me tell u, I have been on tenterhooks since the day i submitted those things as by partner PERMANETLY lives in his overdraft. He has an OD limit of about £2300 and Regualrly goes over it incurring charges. After doing some research on various forums I would have bet my bottom dollar that our formaly mortgage appliaction would have been refused.
I felt sick with worry for days especially because we paid for a basic valuation and HBR and this was non-refundable even if the mortgage was rejected.
I finaly got through my lender today and just blurted out ' JUST TELL! ME ITS BAD NEWS ISNT IT?' and to my suprise they have said my mortgae offer has been accepted! Bizzarely it was on the condition that I pay off my credit card balance. I can do this, but was suprised i was the problem out of the 2 of us.
I was also convinced that since my partner goes over his OD limit his credit score would be affected but it seems not.

Bizzarely though there willing to lend us £323 less than we actualy need, but thats not a problem.

Just thought I share this with you as I know exactly how you're feeling.

thanks
im not a cretin as someone said
i do havea c card debt and overdraft i can pay my bills i just want a mortgage thats all

serious_saver

mavala25 wrote: »

Hi bigianw
I wanted to share my experience with you that happened to me today and this may or may not re-assure you.
Myself and my partner put in for our mortgage at end of August and it was agreed in principle, at that satge we weren't asked to provided any documents/evidence.
In the last 10 days or so, as we have found the house we want we have put in the formal application for the mortgage, for this amongst other things we were asked for 12 months bak statements each.
Let me tell u, I have been on tenterhooks since the day i submitted those things as by partner PERMANETLY lives in his overdraft. He has an OD limit of about £2300 and Regualrly goes over it incurring charges. After doing some research on various forums I would have bet my bottom dollar that our formaly mortgage appliaction would have been refused.
I felt sick with worry for days especially because we paid for a basic valuation and HBR and this was non-refundable even if the mortgage was rejected.
I finaly got through my lender today and just blurted out ' JUST TELL! ME ITS BAD NEWS ISNT IT?' and to my suprise they have said my mortgae offer has been accepted! Bizzarely it was on the condition that I pay off my credit card balance. I can do this, but was suprised i was the problem out of the 2 of us.
I was also convinced that since my partner goes over his OD limit his credit score would be affected but it seems not.

Bizzarely though there willing to lend us £323 less than we actualy need, but thats not a problem.

Just thought I share this with you as I know exactly how you're feeling.

I'm curious, who have you managed to get a mortgage with? It sounds as though they are being very resonable/flexible