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Overdraft Usage and Mortgage Application
Citizen_Phaid
Posts: 2 Newbie
Hi guys.
My partner and I will shortly be taking the leap onto the property ladder. We have saved 25k between us for deposit, 12 of which is in a Nationwide Save To Buy account and I will have a gift of a further 40k so with keeping aside some for furniture and fees should have 60k as deposit.
Having started a new job beginning of last year, starting to run a car and saving £500pm monthly towards deposit I was running into an agreed overdraft for a few months. I did not max this out. I have however nullified that usage from December and ensure I do not go into it anymore. I have no debts, having cleared my credit card and paid off a motorbike finance loan without a hitch and now only have the usual mobile contract which is paid Direct Debit without issue. I have a 974 Experian rating out of 999.
My question is, should I not stray into my overdraft now (which I should not need to) do you believe I will run into difficulty on either a Decision in Principle (in the coming weeks) or with the full application, if it is in May, given last years overdraft usage?
Many thanks
Citizen Phaid
My partner and I will shortly be taking the leap onto the property ladder. We have saved 25k between us for deposit, 12 of which is in a Nationwide Save To Buy account and I will have a gift of a further 40k so with keeping aside some for furniture and fees should have 60k as deposit.
Having started a new job beginning of last year, starting to run a car and saving £500pm monthly towards deposit I was running into an agreed overdraft for a few months. I did not max this out. I have however nullified that usage from December and ensure I do not go into it anymore. I have no debts, having cleared my credit card and paid off a motorbike finance loan without a hitch and now only have the usual mobile contract which is paid Direct Debit without issue. I have a 974 Experian rating out of 999.
My question is, should I not stray into my overdraft now (which I should not need to) do you believe I will run into difficulty on either a Decision in Principle (in the coming weeks) or with the full application, if it is in May, given last years overdraft usage?
Many thanks
Citizen Phaid
0
Comments
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It shouldnt be a deal breaker.
There is only likely 1 lender to see it from next month anyway and thats whoever you bank with as most lenders only ask for 3 months bank statements.I am a Mortgage AdviserYou 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.0 -
Thanks for the prompt reply.
We're going for the DIP with Nationwide who is our Bank/Building Society.
When we go for our first chat to see what they might lend us do you think it would be an issue then?0
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