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Bank Statements & Mortgages
Lillys_mum
Posts: 581 Forumite
Hi, just looking for a bit of advice please.
We bought a car back in June and used our overdraft to fund it. It has taken us until the end of this month (September) to pay back the overdraft - it will be cleared when I get paid on 26th Sept.
We have just applied for a mortgage and are still waiting to hear. It was through an EA - they did all the paperwork and sent it to Nationwide.
Do we need to show bank statements to the Nationwide or not. If we do how will we explain the overdraft and do you think that they will not lend to us on that basis.
Sorry for all the questions just in a bit of a flap and really worried. We are FTB and are buying (hopefully) a shared ownership property as we cannot get on the ladder any other way.
Any words of wisdom would be really helpful and appreciated.
We bought a car back in June and used our overdraft to fund it. It has taken us until the end of this month (September) to pay back the overdraft - it will be cleared when I get paid on 26th Sept.
We have just applied for a mortgage and are still waiting to hear. It was through an EA - they did all the paperwork and sent it to Nationwide.
Do we need to show bank statements to the Nationwide or not. If we do how will we explain the overdraft and do you think that they will not lend to us on that basis.
Sorry for all the questions just in a bit of a flap and really worried. We are FTB and are buying (hopefully) a shared ownership property as we cannot get on the ladder any other way.
Any words of wisdom would be really helpful and appreciated.
0
Comments
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This shouldn't make any difference to your ability to get the mortgage. Nationwide sometimes calls for bank statements, but not always. If you still have the facility, take a look at flattening either or both of the dfs or virgin debt - they will probably be at a lower interest rateI am a Mortgage adviser
You should note that this site doesn't check my status as a Mortgage Adviser, 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 -
WildHaggis wrote: »This shouldn't make any difference to your ability to get the mortgage. Nationwide sometimes calls for bank statements, but not always. If you still have the facility, take a look at flattening either or both of the dfs or virgin debt - they will probably be at a lower interest rate
Is it me? I cant see DFS or virgin mentioned here by the OP:oI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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 -
It's not you darling, it's me <choose your own words>
See the signature :
26/08/07
Overdraft £1500
Virgin CC £1200
DFS Sofa £900
I am a Mortgage adviser
You should note that this site doesn't check my status as a Mortgage Adviser, 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 -
Doh! :rotfl: :wall:
Yet another note to self - remember to scroll all the way down a message:rolleyes:I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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
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