Overdraft usage

notaclue101

Morning all.

I would appreciate some insight on what to expect with our current application with accord mortgages. Our broker came back with some fantastic rates. A mortgage in principle has been issued. I will be sending bank statements to the broker this coming weekend. My concern:

I do have an overdraft facility on my current account with a £1000 limit. For September I used the facility heavily and went up to a limit of (£800) October was a maximum of (£331) November it was not used at all and I have money to clear the overdraft.

As the moneys in place should I now remove the overdraft facility from the account? Im thinking this would look a little better on the application as I have no intention of using an overdraft in the future and it clears my debt. Also how will my usage over the two months affect the application?

Thanks in advance for your advice.

Dave_Ham

Accord are very selective, but so long as there are sensible reasons for this Accord will take a view.

I do not believe cancelling will have a material affect on their decision.

Essex22011

notaclue101 wrote: »

Morning all.

I would appreciate some insight on what to expect with our current application with accord mortgages. Our broker came back with some fantastic rates. A mortgage in principle has been issued. I will be sending bank statements to the broker this coming weekend. My concern:

I do have an overdraft facility on my current account with a £1000 limit. For September I used the facility heavily and went up to a limit of (£800) October was a maximum of (£331) November it was not used at all and I have money to clear the overdraft.

As the moneys in place should I now remove the overdraft facility from the account? Im thinking this would look a little better on the application as I have no intention of using an overdraft in the future and it clears my debt. Also how will my usage over the two months affect the application?

Thanks in advance for your advice.

We’ve recently had our mortgage offer in full and waiting to complete, ihave an overdraft of £800 which I was regularly in but the bank advised as longas I did not go over my agreed limit it was fine.

notaclue101

That makes me less tense thanks Essex22011 hope it goes the same way for us. Thanks Dave for your response. I've heard they play hardball but are a good company to go for so fingers crossed.

Its a case of bad timing hopefully everything will go ok.