Just been turned down for Mortgage

Jonbvn

Well done to you, and well done to MSE & Gunjack for providing you with the details of the mortgage broker.

GunJack

Glad I could help, right place right time and MSE:D

SirSaverOBE

Hello!

I would be very grateful for some advice. My wife and I are now looking to buy our first house, and will be looking to get an Agreement In Principle in a couple of months time.

FIRST QUESTION: I have worked like billy-o to pay my debts off but still have a bit of a loan that I pay off each month, which doesn't seem to have too much of an impact on the loan calculators of various bank's websites - BUT -

- BIG BUT - I still have an overdraft of £1500. How do lenders treat overdrafts? With credit card balances, it's easy, as they dock the amount they lend according to the balance you owe and monthly payments on that balance. My overdraft is partly interest free and costs me next to nowt. Will they treat this as credit as they do with cards?

ALSO - do they do a full credit check and the check of your statements, payslips, credit etc. when you do an AIP or do they wait until you get the formal offer?

Any advice gratefully received!

Sir Saver OBE

GunJack

SS - all depends on the lender, go see a decent broker...