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Ocean Finance-advice needed!
lmd17
Posts: 1 Newbie
Hi, My partner and I own our home outright (valued at £230,000) and we are looking to borrow £25,000 to build an extension.
My partner is self employed and after being turned down for a mortgage with the Halifax (we originally applied for £65,000) because of going over his overdraft limit, we have come back to the drawing board.
We have paid off the overdraft in the last 2 months and no longer use it and keep a couple of hundred pounds in the account to prove our affordability for a mortgage. We have been accepted for a mortgage from the Nationwide via Ocean Finance, but I'm a bit worried about using Ocean Finance due to bad stories.
I called Nationwide directly and they said that going over the overdraft limit would cause a problem for a mortgage application, however, the man at Ocean Finance has contacted a Business Development Manager at the Nationwide who has confirmed it wouldn't be a problem. Why is it not a problem through Ocean Finance and are we due to face consequences a few months or years down the line?! We need to borrow this money due to having 2 children, we need to extend our home but we want to use the right channel! Any help/advise would be greatly appreciated! Many Thanks.
My partner is self employed and after being turned down for a mortgage with the Halifax (we originally applied for £65,000) because of going over his overdraft limit, we have come back to the drawing board.
We have paid off the overdraft in the last 2 months and no longer use it and keep a couple of hundred pounds in the account to prove our affordability for a mortgage. We have been accepted for a mortgage from the Nationwide via Ocean Finance, but I'm a bit worried about using Ocean Finance due to bad stories.
I called Nationwide directly and they said that going over the overdraft limit would cause a problem for a mortgage application, however, the man at Ocean Finance has contacted a Business Development Manager at the Nationwide who has confirmed it wouldn't be a problem. Why is it not a problem through Ocean Finance and are we due to face consequences a few months or years down the line?! We need to borrow this money due to having 2 children, we need to extend our home but we want to use the right channel! Any help/advise would be greatly appreciated! Many Thanks.
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Comments
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How would Halifax know he exceeded his overdraft limit? Is the account in question with them?
TBH situations like this are always difficult to comment on, as you never have the picture in front of you like the broker.
How/why did you end up with Ocean Finance? There are thousands of brokers out there...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
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