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Mortgage newbie with an overdraft
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DoeEyedCabbage
Posts: 18 Forumite
Hello guys,
First of all, please be patient with me, as I am a COMPLETE newbie when it comes to mortgages.
I've been living in my (agreed) overdraft for a couple of years. I get paid a decent amount, enough to cover my rent and bills, but a tough time when I was unemployed for 3 months means I've been in my overdraft for a while and I've supposed I've found it hard to get myself staying in the black before payday.
Now, I have a decent deposit amount and I'm planning to buy a cheap flat so I can easily afford payments, but would my overdraft 'issue' keep me from getting a mortgage anywhere?
First of all, please be patient with me, as I am a COMPLETE newbie when it comes to mortgages.
I've been living in my (agreed) overdraft for a couple of years. I get paid a decent amount, enough to cover my rent and bills, but a tough time when I was unemployed for 3 months means I've been in my overdraft for a while and I've supposed I've found it hard to get myself staying in the black before payday.
Now, I have a decent deposit amount and I'm planning to buy a cheap flat so I can easily afford payments, but would my overdraft 'issue' keep me from getting a mortgage anywhere?
0
Comments
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If you have a "decent" amount of savings why not just repay your overdraft and save yourself some fees?
The overdraft would not have a major impact with "most" lenders, provded it was under control.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.0
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