Mortgage and overdraft question

Ysabelrose

Hi,

My boyfriend and I are both FTB. We both have excellent credit rating and have a 15% deposit (maybe more depending on the house we buy)

I'm really worried about our overdrafts. We both have them, and every month I use about 50% of mine and my OH uses around 80% to 90% of his. We always come out of it when we get paid and then go back in.

We obviously have the savings so can clear our overdrafts. I just have a few questions
- if we clear them now, and apply for a mortgage with them cleared will this look ok? Or will it still look like we can't manage our money and get rejected?
- should we clear them and the close our overdraft limit altogether or keep it open?
- my OH's dad has offered to pay his off. Will this look bad? Should we clear it with our savings and then use his dad's gesture as a give in kind?
- does the mortgage provider need to see bank statements to get proof of salary or to check you can afford repayments?

Any advice will be massively appreciated. We never expected to look this soon but with prices and interest going up we feel like we need to get going. We've been saving so much for the deposit over the last few years we'll definitely be able to afford repayments, it's just proving that!

I'm massively losing sleep over what to do.

Thanks do much

kingstreet

Use of a small approved overdraft is not an issue.

You do not have to eat baked beans and nothing else for three months before you apply for a mortgage.

Ignore media hysteria.