Likelihood of mortgage approval with overdraft??

Ndh1980

Hi,

My boyfriend and myself are applying for a mortgage within the next few months as we are planning to live together in a bought house once my tenancy runs out in August. He already has a mortgage and will be selling his apartment.
I'm worried as I have an overdraft of £2500 (which I'm usually in to to the max each month), some loans which I've never defaulted on, two credit cards which are dorky getting paid off and a couple of returned items as payment was refused
I'm really anxious and don't know what to do.
Please can someone help me!!!
Thank you so much.

Thrugelmir

Why not live in his apartment until you get your finances in better shape. Not just a question of what a lender will think. You need to think about yourself as well. Debt is all very well. Until the roll coaster of life turns negative.

Dave_Pierce

Hi there,

A few years ago when I bought my house with my Wife, I had a fully-used overdraft of £1,000 that I had to apply for every year to remain active.

I applied for my Mortgage through the same bank that my overdrawn current account was in at the time (maybe a silly idea). The Mortgage Adviser said that as long as I can demonstrate that I can manage debt, whether it's a loan or an overdraft, the Mortgage will not be a problem.

People are successfully accepted for Mortgages with existing personal loans. I can't say for sure but I'm sure that a bank will view an overdraft in the same light as a personal loan.

Just make sure you're in a good financial position before you buy your home, and don't forget to include (in your moving costs) money for any furniture or home appliances.

Let me know how it goes.

Regards, Dave,

DCFC79

Ndh1980 wrote: »

Hi,

My boyfriend and myself are applying for a mortgage within the next few months as we are planning to live together in a bought house once my tenancy runs out in August. He already has a mortgage and will be selling his apartment.
I'm worried as I have an overdraft of £2500 (which I'm usually in to to the max each month), some loans which I've never defaulted on, two credit cards which are dorky getting paid off and a couple of returned items as payment was refused
I'm really anxious and don't know what to do.
Please can someone help me!!!
Thank you so much.

Why are you in you OD ?

The bank can recall it at anytime so you should look at paying it off.

How much do you have each month spare once bills are paid ?