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New Mortgage
vegan4ever
Posts: 4 Newbie
Myself and my partner and applying for a new mortgage with The Woolwich for our first house.
Unfortunately, when my mom got sick I went into my overdraft to pay for everything. As my wages have not changed in five years I have never had the means to pay it back (it is an agreed overdraft with my bank) and therefore live constantly £1,000.00 in the red every month.
Will this prevent me from getting a mortgage?
Unfortunately, when my mom got sick I went into my overdraft to pay for everything. As my wages have not changed in five years I have never had the means to pay it back (it is an agreed overdraft with my bank) and therefore live constantly £1,000.00 in the red every month.
Will this prevent me from getting a mortgage?
0
Comments
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If you have stayed within an agreed limit you should be granted a mortgage. However, it will be factored into affordability and could result in a low mortgage amount being offered if your affordability is weak.
What did your broker/adviser say about this?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Nothing yet, i'm pretty sure it will go against me but partner doesn't think it will.
His mom is selling us her house for a discount.
This is happened this weekend but i'm so worried i'll be refused.0 -
Does Barclays/Woolwich accept Family Purchase At Undervalue cases?
TBH I've never tried them for such business.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Where's your deposit coming from?
If mortgage = higher bills how will you stop your overdraft from increasing?0 -
Its only by £10,000.00 to avoid stamp duty and his family are providing the deposit for us.0
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I quick check of the bills and it seems I will be paying the same as I do for my mother's bills already.0
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