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House buying..mortgage query
Gemmamakescakes
Posts: 1 Newbie
Hi...we have recently sold our house...we have found another one...all going though ok...just a query on my finances...im not bad with money but I don't have a lot...so i generally go into my overdraft which is 200...we have about 700 on credit card...we have 3000 in saving...plus we have 20% to put down on next house from equity on current property...i noticed id gone past my overdraft in September...normally my husband just transfers my me money from our joint account but didn't realise...am I just worrying for nothing as im now stressing we will have probs with new mortgage on our new house...as i went into to overdraft and went over...my credit rating is fine and so is his...and we have money in joint account each month spare!!!
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Comments
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You shouldnt really enter your overdraft, move some from savings to cover the overdraft.
Whether its going to have an effect on the mortgage I dont know.0 -
Impact will depend on lender concerned.
Clearing banks tend to have issues with current account conduct where others don't.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Once you've moved, make sure you keep a bigger float in your account so you don't go into overdraft and save up more, £3k isn't much of a buffer. Rule of thumb is 3- 6 months expenditure.0
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