We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Getting a single mortgage as a newly qualified nurse
BelleBot
Posts: 52 Forumite
I'm a newly qualified nurse and I'm hoping to buy my own house next Spring once I've been in my job for more than 6 months. Is this long enough to be considered for a mortgage?
I have a good deposit saved up, around 20% of the value of the houses I'm looking at plus a bit extra for fees etc. The online mortgage calculators say I can borrow more than what I need to get the type of house I want. Plus mortgage repayments should work out cheaper than renting.
My main concerns are I've been living out of my overdrafts for the past 3 years as a student. I have 2 current accounts; one has an overdraft which I bounce in and out of every month, and the other is an interest free overdraft attached to my student account which I've been sat in and haven't been out of since I started my studies. I plan to pay off the student account overdraft asap, it shouldn't take long given my dramatic hike in income. The other overdraft I imagine I will bounce in and out of as I have done for the past 7 years. Though I aim to stay mostly out of it.
Will the whole living in my overdraft affect my credit score and ability to get a mortgage?
Also do bank charges count against you? I've had a handful since turning 16 for going over my account limit by usually a couple of pounds and I've restored the balance in a few days and always paid the charges on time. I've also never missed a direct debit payment or credit card payment etc so I'm hoping my credit score won't be too bad.
Sorry for all the questions, I've just gotten so many conflicting answers when searching myself.
I have a good deposit saved up, around 20% of the value of the houses I'm looking at plus a bit extra for fees etc. The online mortgage calculators say I can borrow more than what I need to get the type of house I want. Plus mortgage repayments should work out cheaper than renting.
My main concerns are I've been living out of my overdrafts for the past 3 years as a student. I have 2 current accounts; one has an overdraft which I bounce in and out of every month, and the other is an interest free overdraft attached to my student account which I've been sat in and haven't been out of since I started my studies. I plan to pay off the student account overdraft asap, it shouldn't take long given my dramatic hike in income. The other overdraft I imagine I will bounce in and out of as I have done for the past 7 years. Though I aim to stay mostly out of it.
Will the whole living in my overdraft affect my credit score and ability to get a mortgage?
Also do bank charges count against you? I've had a handful since turning 16 for going over my account limit by usually a couple of pounds and I've restored the balance in a few days and always paid the charges on time. I've also never missed a direct debit payment or credit card payment etc so I'm hoping my credit score won't be too bad.
Sorry for all the questions, I've just gotten so many conflicting answers when searching myself.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards