Previous overdraft use implications on mortgage application

nickyg2000

After a week my girlfriend and I finally received out AIP from ING after being with the underwriter for over a week.

We have now gone to the full application stage and I'm worried about the fact that in my last three bank statements I have gone overdrawn every month from between £50 - £250 before I have been paid. This is an agreed overdraft but wondered if it could cause my application to be rejected?

Thanks,

Nick

lee111s

It depends on the lender. I've just got my mortgage through YBS and they said as long as I've not gone over £200 they wouldn't question it, even if I had it's only one small thing they take into consideration, not the be all and end all. That said, I actually removed my planned O/D all together about a month before applying.

If you've both got good credit scores aside from that then I doubt you'll have a problem.

darren2385

nicky - what was the outcome?

im in the same boat, ive gone overdrawn in the last 3 months between £50 and £300. My agreed OD is £1500.

The stupid thing is, the reason why I've gone overdrawn is because I've been a bit optimistic how much I can save for my deposit!

Building_Surveyor

darren2385 wrote: »

nicky - what was the outcome?

im in the same boat, ive gone overdrawn in the last 3 months between £50 and £300. My agreed OD is £1500.

The stupid thing is, the reason why I've gone overdrawn is because I've been a bit optimistic how much I can save for my deposit!

do you not check your bank account regularly? presumably you are transferring savings from your main account into another account - simple way to rectify is to transfer it back if you mis-caluclated instead of staying overdrawn.