Urgent help for for a FTB

eroaero

Hi,

I’m trying to get a new FTB mortgage with a high street bankand my application will be on tomorrow. I do have a good credit history; withonly having one credit card with a balance of £2500 (CC limit is £5880).

01. Ido not have enough money in reserve to pay off my CC balance. Is it gonnaeffect my mortgage application??

02. Ido have a current account with this high street lender (not the main currentaccount). During 2008 & 09 I had few unauthorised OD’s with this account,but nothing since then. Is it will adversely affect my application.

Thanks a lot for your help.

eroaero

Can someone please help me with this query??

kingstreet

Normally, a lender will deduct around 3% of the credit card balance from your monthly income to accurately gauge affordability. A £2,500 balance means around £3,600 coming off your maximum borrowing, based on a 4x income salary multiple.

Excess OD fees and unauthorised borrowing aren't good for a mortgage with a clearing bank. You can only hope they are far enough back in time for them to be discounted. We can't give you any better idea of the likely outcome.