Does an increase in student overdraft harm mortgage prospects in 8 months time?

gemstar22

I am just wondering, I am in my final year at university and money is becoming really tight. I am looking to apply for an increase in my overdraft from £1500 to £2000 to cover rent before my next loan comes in. When I asked the bank if this was possible they mentioned it would have to be credit checked before accepted. I am a bit worried as I will be looking to apply for a mortgage in about a years time and don't want this check to be detrimental to my application. Does anyone have any advice or thoughts on this? Or is it the case of having to ask family to help me out to ensure my future is not effected?

Thanks

Tixy

A credit application search on your credit files now will have little impact on your ability to get a mortgage or any credit product in a year. In fact after a year the search won't even show on 2 of the credit reference agencies.

Obviously the level of debt / available credit you have at the time of the mortgage application will be taken in to account by the mortgage company, but if you are intending on repaying all the overdraft before the mortgage application then the balance a year previously is unlikely to be a big factor.