Agreement in principle referred, how likely to be approved?

WorriedFTB_2

Oh Thanks for that !
For a moment a felt like a teenager ...

We can afford it ... I have rented for 9 years now having had to pay expensive London rent and utility bills . I am sure that is proof that I am used to "maitaining a house" and a family Thanks very much !

The fact that I used a small percebtage of my overdraft was justified to The underwritters so I truly hope that the mortgage is not refused down to this ....

amnblog

I'm afraid using a OD when applying for a mortgage on this forum is a capital offence.

As is, having balances on credit cards when you are saving for a deposit.

Many of our posters have enjoyed a financial life with regular, sufficient income, free of bumps.

densol_2

amnblog wrote: »

I'm afraid using a OD when applying for a mortgage on this forum is a capital offence.

As is, having balances on credit cards when you are saving for a deposit.

Many of our posters have enjoyed a financial life with regular, sufficient income, free of bumps.

ive enjoyed your humour today

I agree many of us use overdrafts. Ive plenty in other savings accounts but strict on what I have in my currect account. The peaks and troughs of money in / money out means Im sometimes in OD. Its arranged and thats the purpose of the thing ! Doesnt mean I cant afford my bills lol

Thrugelmir

Cheyx wrote: »

My default was in 2014 and in total was £694, it has completely been settled in July 2015.

Why wasn't it settled earlier? (Not my question I should add). As you've £30k in savings that must have taken a while to save.

Thrugelmir

TopperHarris wrote: »

I just love the way people think they know everyone else' situation! Using an overdraft for 3 days doesn't mean the poster cant afford a months rent or mortgage. What is the purpose of an overdraft???? To provide a buffer when needed?

Lenders make decisions on what they see. Credit data allied to other information on the applicant. Enables lenders to categorise people into groups of borrowers. People are surprisingly predictable. Falling into distinct camps as to how they manage their money.

On the whole people are optimistic when they come to appraising their own personal finances. Borrowers take a short term view, i.e. "I'm excellent as I make my credit card payments on time". Lenders take a long term view, "What's the likelihood of this borrower completing a 25 year mortgage term without defaulting".

Without knowing the precise details one can only ever generalise on an internet forum. Personally I err on the side of caution. That's purely from experience over many years. While technology has changed. The principles of money lending or offering credit lines haven't.

oceanscape

csgohan4 wrote: »

If you used your overdraft when you don't have a house, are you sure your ready for all the costs associated with buying a house and maintaining it???

Get over yourself; using an authorised overdraft arrangement on occasion does not mean you are not ready for the costs associated with a house! Some people on here are so utterly ridiculous.