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Quick Question
shie6523
Posts: 62 Forumite
Hi,
Myself and my partner have managed to save a 10% deposit on a property up to the value of £165k.
We have yet to apply for a mortgage in principal and we are apprehensive about doing so. This is because that for the last 6 months, our bank accounts have been into their overdrafts. The reason for this is because we have been putting substantial amounts of our earnings away every month that its lead us to be overdrawn on several occasions (without incurring any charges).
Am I right in saying that its likely we'll be refused a mortgage in principle because of the above issue given the new affordability checks are in place for mortgage applications? Our credit reports are very good with no CCJ's, late payments/defaults etc.
Any response would be most appreciated.
Many thanks.
Myself and my partner have managed to save a 10% deposit on a property up to the value of £165k.
We have yet to apply for a mortgage in principal and we are apprehensive about doing so. This is because that for the last 6 months, our bank accounts have been into their overdrafts. The reason for this is because we have been putting substantial amounts of our earnings away every month that its lead us to be overdrawn on several occasions (without incurring any charges).
Am I right in saying that its likely we'll be refused a mortgage in principle because of the above issue given the new affordability checks are in place for mortgage applications? Our credit reports are very good with no CCJ's, late payments/defaults etc.
Any response would be most appreciated.
Many thanks.
0
Comments
-
Have you spoken with a mortgage broker yet? Part of their job is to help you select a lender that is suitable for your circumstances.
Being offered a mortgage in principle is no guarantee that you'll be accepted for a mortgage as some other posters have found out to their chagrin.
Being overdrawn doesn't look as good as not being overdrawn, but being overdrawn within an authorise limit is much better than an unauthorised overdraw on your account.0
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