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First time buyer
davidmc1990
Posts: 5 Forumite
Hi, I am going to see a mortgage advisor along with my Girlfriend very soon , she has a near perfect credit score, does not have an overdraft etc and is always on time with payments where as I am always on time for payments etc but I have an overdraft of £1,300 and I do end up using it most months. will this ruin my chances of getting a mortgage im worried it will. my credit score is good roughly 930 with Experian. just looking for some advice or any similar stories I can relate to its really been worrying me.
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I must add that my salary is £18845 and my girlfriends is £33000.0
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Hi davidmc1990 - We have recently had a mortgage offer from Halifax and I have outstanding debt and utilise my overdraft regularly.
I think what helped us was we weren't going anywhere near the maximum they had given us an AIP for (over 40k under). We sent one months payslips and that was it, no request for bank statements etc.
I'd advise to be completely open and honest with your mortgage advisor and I'm sure you won't have a problem if utlising your overdraft is your only problemLet’s just pretend I have not been alternately drowning in debt or only eating toast to try and pay it off for the last 20 years 😭0 -
Using an agreed overdraft is likely to make no difference.
The only concerns are if items have bounced or you have exceeded the limit.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Use your savings to clear the overdraft. Then learn to budget going forward.0
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ok thanks for the advice much appreciated, I have had my overdraft go over the limit before but it was a just a single time and haven't done it since then.0
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also do mortgage lenders look at the application of me and my girlfriend collectively or individually?0
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Joint mortgage = Joint considerationI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
How much are you looking to borrow? If it's realistic compared to your salary then you'll be able to find something. You should use a broker though as you sound like you get worried, (I'm the same) peace of mind is great even if you have to pay a couple hundred quid for it.0
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the house is valued at 135k but will most likely be sold at 120-125k0
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