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AIP approved but scared of being refused mortgage

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Hey,

Thanks for taking the time to read this (if you do :) )

I have a mortgage at the moment and have never missed a payment, ever. My credit score is 999 and all bills are always paid on time. The only issue is, recently i have crept more and more into my overdraft and now its sitting at £3300 in the red.

Is it worth even applying for a mortgage with this? I have a 25% deposit for the new place from savings and the sale of my current place.

thanks again :)

Comments

  • ACG
    ACG Posts: 24,542 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Clear your overdraft and have a smaller deposit?
    Why are you going more and more into your overdraft? You need to get your finances under control otherwise its a slippery slope.

    That to one side, not applying means you are definitely not going to get a mortgage. Applying you atleast have a chance of getting it.
    I am a Mortgage Adviser
    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.
  • Milan0
    Milan0 Posts: 4 Newbie
    I did think about that but was trying to get as low payments as I could and with a higher deposit I should get that.

    I will apply and wait on the news back, if I'm refused then I will clear the OD and talk to them again.

    Thanks :)
  • Forgot to reply to this thread, i was approved for the mortgage and am hoping to exchange contracts in the next week!

    Thanks ACG for your reply.
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