help over draft and morgages

rubyr

please help worried sick, i have had a morgage agreeded in principle with the halifax, i had a 10% deposit however they said they would only do with a 16% which i have found so now putting a deposit of 12,500, i have told them of my loan and credit card, they have agreed in principle to the morgage on the condition that loan and cc are paid off by completion (i can do as recieving some money in next few week). Anyway they have now asked for proof of all paper work (i have all)and bankstatements, however i have been in my over draft for last 3 months, i have agreedlimit of £2000 (never went over this) do u think this will affect my application, i have submitted this today and i am at wits end :mad::mad::(:(

stavros1981

I just got a mortgage with HSBC - 90% with 15k deposit. I and my wife have been into our overdraft but this didnt affect it. Nor did the CC and loan payments we have. I guess it depends on your income, your outgoings and ultimately the affordability. Did they refuse the 10%due to affordability?

Im no mortgage expert - just passing on my experiences. Others on here are very knowledgable and will tell you more.

rubyr

hi, just because i was a single application they said i needed 15% , which i was able to come up with, just worried that this will affect final part, thanks alot for your comment :-)

jkerr86

rubyr wrote: »

hi, just because i was a single application they said i needed 15% , which i was able to come up with, just worried that this will affect final part, thanks alot for your comment :-)

this is worrying for me - I've been approved in principal for Halifax , FTB and on my own. I have a loan and credit card and small overdraft, but I have a second income.

I'm really worried it'll get knocked back once my offer has been accepted

rubyr

hi, i am just worried as i have a 2k overdraf, i do have savings i have put away but if i pay off the overdraft it will eat into my deposit, just wondering when they see bankstatements it will be refused, you will be ok if you have told them all you have?

rubyr

ps,i am on 21,900 per year and this is for a 64k morgage, worried sick .... :-(

jkerr86

I have told them - but I'm still worried, I've heard a lot of horror stories about Halfiax saying yes all the way until nearly at completion and then saying no.

I was just recently knocked back from Lloyds - well, they want a 15% deposit and are offering less than I need. The ironic thing is if I get accepted for the mortgage it will be £300 less per month than my rent so I can afford it but the banks don't really look at that I suppose. I have a small overdraft that I live in too most months

EatingGlitter

When my OH and I put in our formal mortgage application I said about my CC and OD and was told that they don't "count" overdrafts.

This was with Nationwide though.

rubyr

i should find out midweek, i think it will be ok with all the rest just worried so much about the overdraft as i havent mentioned it, well they didnt ask just loans cc ect ! , will be a very long 5 days:mad:

rubyr

thanks eatting glitter, makes me feel bit better,hope halifax view it like that! have a bad feeling all going to fail after this far, did you get ur morgage completed ok ?

EatingGlitter

No problem. We've had our mortgage offer and sent the deeds off. I have had a bit of trouble with my credit in the past and was dreading, worrying and thinking of every little thing that could go wrong and in the end it was fine I'm sure you'll be fine as well