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Mortgage application with student account overdraft
deroblue
Posts: 1 Newbie
I wonder if anyone can help me with this.
Myself and my partner are applying for a mortgage but I am wondering whether the lender will question the fact that I have only just managed to get out of my student account overdraft.
I finished university at the end of May and it has taken me until this month's wage to clear it. I am aware that they will ask for some bank statements, but should this affect whether they give us a mortgage? I have no loans and pay off my credit card monthly via direct debit. I have also got a job where they are paying for me to do a postgrad course so they should be able to see that my job is fairly secure and that I will be due a wage rise once fully qualified (I am only working 4 days a week in order to attend university).
I realise I could have transferred some funds across earlier but the money I am using for a depsit has all been held in an ISA so obviosuly I didn't want to move this before now if it wasn't necessary.
The only thing that should show on my credit file is an application last month for a new mobile phone contract.
My partner does not use an overdraft and he was paying our rent by himself during the time I was at university so it is evident from his bank statements that he could cover the mortgage payment himself if needed.
We have our IFA coming next week to go through the mortgage application with us but I am now worrying that we may get refused due to this.
Myself and my partner are applying for a mortgage but I am wondering whether the lender will question the fact that I have only just managed to get out of my student account overdraft.
I finished university at the end of May and it has taken me until this month's wage to clear it. I am aware that they will ask for some bank statements, but should this affect whether they give us a mortgage? I have no loans and pay off my credit card monthly via direct debit. I have also got a job where they are paying for me to do a postgrad course so they should be able to see that my job is fairly secure and that I will be due a wage rise once fully qualified (I am only working 4 days a week in order to attend university).
I realise I could have transferred some funds across earlier but the money I am using for a depsit has all been held in an ISA so obviosuly I didn't want to move this before now if it wasn't necessary.
The only thing that should show on my credit file is an application last month for a new mobile phone contract.
My partner does not use an overdraft and he was paying our rent by himself during the time I was at university so it is evident from his bank statements that he could cover the mortgage payment himself if needed.
We have our IFA coming next week to go through the mortgage application with us but I am now worrying that we may get refused due to this.
0
Comments
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You had debt while at Uni and you have now cleared that debt ( Well done)
What is more important now is deposit ( 5/10/15%) and if jobs are permanent or short term contract!, Income, affordability etc0 -
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