First time buyer, help to buy equity loan. Credit history!

Moneysaving1

Hi guys.

Looking for some opinions on my chances of getting mortgage approved by nationwide.
We easily come within affordability calculator, have all deposit and legal fees and stamp duty ready to go.
My concerns are that I have 12 payday loans on my file, latest one 2 years ago all payed on time, also I have a stage 4 late payment from 1 and half years ago for £80 (payed off 1 and half years ago).
I also use my agreed overdraft every month.(paid off in full every month but use it again month after)
We are using a broker who has said we've passed credit score.
My main concern is the underwriting process and picking up on payday loans.
Any replays would be greatly appreciated (good or bad news)

DCFC79

Pay day loans shows a lender you can't budget but you might be ok. Lenders don't see your credit score so I don't know what the broker scored you on.

Thrugelmir

Moneysaving1 wrote: »

I also use my agreed overdraft every month.(paid off in full every month but use it again month after)

If your salary clears your overdraft on payday. Then you are living on borrowed money. Highly likely to be a concern for any mortgage lender. Use your saving to clear the overdraft. Then learn to budget and control your outgoings without using it.

Malmo

Moneysaving1 wrote: »

We are using a broker who has said we've passed credit score.

By this, do you mean that the broker has obtained a Mortgage in Principle (MIP / AIP / DIP) for you, which involves a credit check? If so, I presume that was from Nationwide?

It might be better to post or move this thread to the Mortgages & Endowments board, where the experienced brokers should be able to guide you. It's also worth noting that your broker should be best placed to answer your questions, as he/she should have placed your case with a lender based on your circumstances and history, giving you the best chance of being offered what you need.

Moneysaving1

Thanks for the quick replies.
My agreed overdraft is £1000 I typically use £400-£700 of this a month so about 2 weeks of a month I'm using it.
Nationwide have done 2 credit searches on experian (1 soft footprint, 1 hard footprint) the broker has the AIP.
Will they do another hard search?

Thrugelmir

Moneysaving1 wrote: »

My agreed overdraft is £1000 I typically use £400-£700 of this a month so about 2 weeks of a month I'm using it.

You should use savings to clear the overdraft then not go overdrawn.
Possible that the overdraft usage has been detected as yet. Also you may be asked to provide your recent bank statements.

What LTV mortgage are you applying for?

Moneysaving1

Thrugelmir wrote: »

You should use savings to clear the overdraft then not go overdrawn.
Possible that the overdraft usage has been detected as yet. Also you may be asked to provide your recent bank statements.

What LTV mortgage are you applying for?

We are using the help to buy equity loan so it's-
5% deposit
20% government equity loan
75% LTV mortgage.
The broker seemed fine about the overdraft said not a problem as he did with my credit history, just wanted to know other peoples experiences.
The broker has all my bank statements, so I'm guessing they will be asked for on full application.