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Mortgage - Overdrafts
desertstorm
Posts: 9 Forumite
Hi,
Just seeking some advice. I have recently just been approved a mortgage at the bank. I am still however waiting for an offer and for the valuation and also the contacts to be completed.
However, I am abit short on finances at the minute and was looking to extend my overdraft. Would this hinder my mortgage plans at all? Does the bank do another credit check close the completion of the house (Feb 2011)
Many thanks for your help.
Just seeking some advice. I have recently just been approved a mortgage at the bank. I am still however waiting for an offer and for the valuation and also the contacts to be completed.
However, I am abit short on finances at the minute and was looking to extend my overdraft. Would this hinder my mortgage plans at all? Does the bank do another credit check close the completion of the house (Feb 2011)
Many thanks for your help.
0
Comments
-
What sort of account do you have? Does it already have an overdraft facility?
For example my Nat West current + account has a £3000 facility (which I never use and as such is free) If I was to go £3010 overdrawn they would not be happy.
If you go over without the agreement of the bank you will pay punitive charges and they may well chase for payment immediately to bring the account back into credit.
If you are unable to put the matter right within their time scales then yes it would affect your credit history.
As to whether they would carry out a credit check on application why not ask them? I suspect it would tie in to your relationship with the bank (how long you have held an account and whether you have always kept that account in good standing).0 -
Have you got enough money for all the incidentals a house purchase brings? If money is a bit tight (bear in mind it's christmas soon too) then are your finances ok to be buying a house?0
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