Overdraft charges/poor spending Mortgage application.

gcorking

Hello there -

I'm currently in the throws of buying my first house with my girlfriend. We both have enough for a deposit of up to 15%, we know we can both afford the mortgage as we both earn pretty good wages and pay much more for our rented property at the moment.

My worry is that we would be turned down for a mortgage due to my god awful spending history. While I pay rent and utilities/internet on time, I have a slightly sketchy history paying for my phone bill and accumulation big charges due to data. Add to this I have been known to put between £10-30 pounds a week in a betting account. I have also been over my agreed overdraft after things like spotify and netflix came out at awkward times.

How much will this hamper our chances and would it be advisable to us to either stop the whole thing or my partner to take the mortgage out in just her name?

We're meeting with the bank for an initial agreement and I feel absolutely physically sick with myself that I have been so sill with my deposable income after paying rent. I can barely sleep at night and worry that this is going to cause my depression to return.

Has anyone got any advice or experience with this?

Thank you

CKhalvashi

It could hamper it, especially if the mortgage is with your own bank.

You need to check Experian, Equifax (both have a free trial period) and Callcredit (free through Noddle) before the meeting, to see what damage is done.

Renting isn't the end of the world, and is very common in some countries.