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Mortgages Application - HTB
xssc32x
Posts: 81 Forumite
Hi,
my partner and I are first time buyers and are currently awaiting some new builds to release prices, and will be using the HTB.
We are currently using a MB and have provided and been through all of our financial details with her. We have approached our Broker and asked based on our current financial situation what she would advise the advisable value of mortgage we could afford. She has search all lenders who offer HTB and has provided us with a figure which is fine.
My only concern is my partner has and overdraft of £3.5k (not 0%) which she is is always in even after pay day. How much of an effect would this have on lenders offering us the mortgage our MB has suggested we could get? Also would you presume our MB would of said from the start if it is unlikely any lender would consider offering us the mortgage with my partners overdraft situation?
I know its all guess work but any advise/help would be most appreciated
Thanks
Si
my partner and I are first time buyers and are currently awaiting some new builds to release prices, and will be using the HTB.
We are currently using a MB and have provided and been through all of our financial details with her. We have approached our Broker and asked based on our current financial situation what she would advise the advisable value of mortgage we could afford. She has search all lenders who offer HTB and has provided us with a figure which is fine.
My only concern is my partner has and overdraft of £3.5k (not 0%) which she is is always in even after pay day. How much of an effect would this have on lenders offering us the mortgage our MB has suggested we could get? Also would you presume our MB would of said from the start if it is unlikely any lender would consider offering us the mortgage with my partners overdraft situation?
I know its all guess work but any advise/help would be most appreciated
Thanks
Si
0
Comments
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Why not clear the overdraft from savings. Whatever the impact on the mortgage application. Being financially stretched when taking on a long term financial commitment isn't advisable either. As leaves no room to absorb unexpected financial shocks.0
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Sorry for not positive answer - but we have been refused previously with Santander, as we've been in overdraft all the time. Then we've managed to pay everything off and save money and applied through a different lender. Good luck!***Twins mummy***0
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Hi,
Thanks for the responses, was actually thinking of transferring necessary savings from my building society account into partners account so she is in credit. But would there be any knock on effect ie lender asking what this transaction was further down the line? Also would the fact i am in a much more secure financial position no cc debit, £4K in credit on current account and ample funds in savings and ISA to cover the 5-10% of deposit of the house offset anything?
Thanks
Simon0 -
Just pay it off, it'll make life easier. We had to show all current accounts In good financial order for 3 months. You don't want any issues.0
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