In the middle of a mortgage application process and accidentally gone into overdraft.

mazy_m

HI all,


I'm freaking out a bit. I was just going through my partners accounts with him and found out that he'd very kindly paid for his friends flight to a stag do and the friend was going to pay him back in a day or two- usually that's ok but not when it's using his overdraft and then when we checked it meant he went £11.75 over his allowed overdraft. ie has an approved OD of £1000 but now owes £1011.75.


For two days he didn't tell me ( or I would have transferred some money over as a buffer as soon as it was going to take him over)


We're at the stage of just having the Valuation and Survey done with Halifax so does anyone know or have any experience if this will mess us up completely?


Our broker said the underwriters had gone through it over the phone with her and that they didn't agree to the Valuation unless they'd done the credit checks and they were all fine.


Prior to this it was fine but will this £11.75 over the OD over the past few days effectively cost us our mortgage offer?

Or ( and I hope it is this!!) am I just worrying way too much and fretting about nothing.


Thanks in advance

marksoton

Only the lender / broker can tell you that.

But with all due respect going into an overdraft will not inspire confidence with a lender ( Especially if it isn't authorised )

Sounds like you may have just dodged a bullet. Good luck, it's fine margins.

mazy_m

Just texted my broker ( she's my aunt too so doesn't mind a late night text lol) and she said relax it's all down to the Survey.


Thanks so much and yes this is the message I've been trying to get into his head since the start of the year. To just know what's going in and out of the bank so you can plan any hiccups! grrrrrrrr


I feel a bit better now!!! Thanks : )

Dan-Dan

a grand overdrawn when just about to buy a house?
Doesnt sound promising

mazy_m

Thanks for that input Dan - Dan. But I think we're wise enough to know our own financial situation!

alchemist.1

Halifax have a live credit checking facility and they will be aware of any changes at any point . Your aunt should know this.

mazy_m

Thanks Alchemist. So this means that they're effectively the all seeing eye and will know he's gone over this month? I just despair as today I found out it wasn't just the OD but also the credit card and then the other credit card he holds also ( although it was the interest that was added that took him over so I'm not sure if this doesn't count? As surely his direct debit that is set up should be including the interest also?)

[Deleted User]

I'm sorry mazy_m but maybe you need to rethink buying a house with your partner.

Or delay for a while, til he's proved he can be responsible with money.

Buying a house with unexpected credit card bills and an overdraft isn't really a good way to go.

GalaxyStar

Surely going over the limit on your credit card even with it being the interest can be a problem? It kind of shows you aren't managing it correctly if you see what I mean? I saw something ages ago that they do another check just before completion or something, this is why I've seen people advise not to buy things on credit cards if you can't pay it off straight away until the mortgage has gone through, I may be wrong though!

mattyprice4004

mazy_m wrote: »

Thanks for that input Dan - Dan. But I think we're wise enough to know our own financial situation!

I quote from your original post:
'For two days he didn't tell me ( or I would have transferred some money over as a buffer as soon as it was going to take him over)'

You may know yours, but clearly his is a bit more of a mystery!

alchemist.1

It will depends when or if the bank report it as over the limit to the credit reporting agencies. They usually update every month. Credit card will count too despite it being the interest causing it.