Great deposit, poor spending

gcorking

Hello there-

I'm in the process of buying my first house with my girlfriend. We both have good permanent jobs with decent salaries. Through some saving on my partners behalf and my parents investing some money for me, we both have more than enough for a 10 -25% deposit)

However, while my partners account is clean as a whistle and has an excellent credit score, mine is very messy and i have a fair score – few betting accounts and purchases for video games. I have also been over my overdraft limit in recent months. While I always pay my rents/internet on time, my phone bill has been something i like to pay as two or three months to help cover any data charges.

When we go for our mortgage meeting, will we just get rejected because of my less than stellar spending or given a higher rate? My girlfriend does work for Barclays so I wondered what deal we might get.

Any advice would be helpful as I'm very worried.

libf

If you have a 90% deposit, just drop the price range you're looking at and don't get a mortgage at all?

Opinion

gcorking wrote: »

Hello there-

I'm in the process of buying my first house with my girlfriend. We both have good permanent jobs with decent salaries. Through some saving on my partners behalf and my parents investing some money for me, we both have more than enough for a 90% deposit(probably even an 80%)

However, while my partners account is clean as a whistle and has an excellent credit score, mine is very messy and i have a fair score – few betting accounts and purchases for video games. I have also been over my overdraft limit in recent months. While I always pay my rents/internet on time, my phone bill has been something i like to pay as two or three months to help cover any data charges.

When we go for our mortgage meeting, will we just get rejected because of my less than stellar spending or given a higher rate? My girlfriend does work for Barclays so I wondered what deal we might get.

Any advice would be helpful as I'm very worried.

I'd say you're probably not ready to get a mortgage. You can't just decide if and when you want to pay bills. That's not really how it works.

bamgbost

OP prob is not ready for a mortgage. But that's not really our call I guess.

What he wants to know is what the bank will say. - I really have no idea. But I reckon with a 90% deposit. They haven't got much to say. It may be a lack of mortgage value that you want to borrow which may put them off more!

Tim_Bisley

I'm guessing OP means 10%, possibly 20% deposit..?

gcorking

Yeah I do – that was a bit of a typo. We have enough for a 10-25% deposit

libf

Are you looking to apply for a mortgage immediately? Sounds like it would be best to clear overdrafts, pay bills on time and avoid the gambling transactions for 6 months or so before applying...

gcorking

Well, yes. We were accepted on principle. Would you advise us to pull the application or look to put it on one persons name but have the deeds in two? I've spoken to the bank and they said you are able to explain transactions and it goes more on your credit score and income

libf

You didn't mention that you already had an AIP. Go with what the bank says then.

TBeckett100

Why have you posted the same question twice?

gcorking

I needed advice