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Moving house, new mortgage, credit history

credittart
credittart Posts: 12 Forumite
Part of the Furniture Combo Breaker
in Mortgages & endowments
Hi, myself and my partner have had an offer accepted on a house after selling ours. We have a deposit of just over 25%, and we were well ahead in our previous mortgage after making overpayments. However in recent months we have both exceeded our overdrafts and had 2 late payments on credit cards. Will this have an effect on the new mortgage application?

Comments

  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    If will have an effect for sure, although minimised by your deposit and mortgage payment history.

    You should be ok, your own bank or a broker would be best option and steer clear of HSBC with the recent overdrawn markers..

    Good luck
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    How late were the payments on the cards?

    Overdraft is not an issue as long as you don't use a lender that tpyically requires to see your Bank statments.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Conrad wrote: »
    Overdraft is not an issue as long as you don't use a lender that tpyically requires to see your Bank statments.

    Exceeding the authorised limit will be detected during the scoring process and penalised accordingly.
This discussion has been closed.
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