1 time overdrawn can I still apply

catherine238

I am hopefully applying for a mortgage in 2 weeks with my wife. Finally all credit reports and finances are squeeky clean. Except on the 25th of march I accidentally used my wife's bank card instead of our joint card both blue halifax cards. It sent her overdrawn by 3 days for 19 pound. We didn't know until today because she was moving from nationwide and it really only came into proper use her wages going in etc till 1st April. Will this effect us getting a mortgage with ulster bank underwritters??

Thanks for all your help

Catherine

ACG

What size is your deposit?

Providing its not a 5% deposit, i would have thought you should be ok. Maybe with a 10% deposit, it could be worth avoiding whoever you went overdrawn with?

catherine238

It's with ulster bank we are with halifax for bank accounts.
We have just been approved with a co ownership scheme where we don't need a deposit with ulster bank if we go co-ownership 50/50. Could they really turn us down for 1 overdrawn payment when the last 6 years no overdrawns everything else is perfect score 900 and something??
Thanks for your help

Catherine

ACG

I'll be honest, i dont really know enough about co-ownership as i have never done one. But in theory your looking for a 100% mortgage and gone overdrawn... realistically this is a mistake, were all human we all make mistakes but in the current climate lenders are a bit twitchy.

If it doesnt show on your creidt file i wouldnt worry, if it does then my honest answer is i dont know, my guess is as good as yours but i wouldnt be 100% confident.

But as i say, this is just a guess as i dont know enough about co-ownership mortgages and whether lenders see them as 100% mortgages or not. Hopefully a broker with some experience on this can be of more help than me.

catherine238

Thank you so much for your advice I suppose what will be will be.

Coownership is a scheme they buy half the property you the other half. you rent for a small amount the other half of the house. You get to buy back in parts the other half of the house. It's for first time buyers who can't afford a deposit and full mortgage amount.


Catherine

ACG

Sorry, i understand the concept and what it is its more the technical aspects of how lenders view it etc im not sure about.

Do you have access to your credit reports? If you fixed the issue before it went from the end of 1 month to the beginning of the next you might find your alright.

catherine238

Yeah credit report got yesterday and marches box is green her wages went in 3 days later 25th march went overdrawn wages went in 28th march so 3 days overdrawn. im so angry with myself if we had of knew I used the wrong card I would have transferred the money in we didn't even look at her online banking because we knew they hadn't switched her nationwide account money over to her new halifax account yet. It's how the underwritters at ulster bank when we apply for the mortgage on our 50% of the house how they l

catherine238

oops sorry hit button by accident when we have to give them 3 months bank statements.
Catherine