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Why do they need to see 3 months of bank statements?

BerryCheesecake
BerryCheesecake Posts: 15 Forumite
in Mortgages & endowments
I am a first time buyer and trying to apply for a mortgage etc. They have asked to see three months worth of bank statements, which I have printed off etc, but this months is in debt ( going into my overdraft). Could this affect my chances? The previous two months are fine!

Thanks for any advice, am getting worried now :(

Comments

  • betmunch
    betmunch Posts: 3,126 Forumite
    "Should" be fine if its within an agreed overdraft limit, but this depends on the lender.

    Most are ok with this, some will take it as a commitment.

    Remember, if its within an agree overdraft limit it actually shows that you are good with organising your finances.
    I am a Mortgage Adviser
    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.
  • j2011
    j2011 Posts: 238 Forumite
    Did they say they wanted a current bank statement with the 3 months?

    If they said three months then print off the previous month.
    Dec Jan Feb instead of Jan Feb March
  • BerryCheesecake
    BerryCheesecake Posts: 15 Forumite
    edited 3 April 2012 at 3:49PM
    Thank you for the advice. Betmunch, I had never thought of that, but looking at it that way, it does make sense!
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    j2011 wrote: »
    If they said three months then print off the previous month.
    Dec Jan Feb instead of Jan Feb March

    Overdraft will show on credit search possibly.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    BerryCheesecake wrote: »
    but this months is in debt ( going into my overdraft). (

    Why? Is the question that will be asked. Are your finances stretched?
  • BerryCheesecake
    BerryCheesecake Posts: 15 Forumite
    No, I bought quite a lot this month as I had a lot of birthdays to buy for and got some new stuff.
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