We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Is overdraft charge likely to mess up remortgage?
Comments
-
Are you saying you have used an arranged overdraft?
I read it as meaning you had gone over your overdraft. If it is the former than I would not worry in the slightest.
If its the latter, some of the fussier lenders might have a bit of an issue, but they might not. In the main I see no problems with you getting a mainstream mortgage. Worse case scenario Nationwide are usually there or there abouts if you did stick with them.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 -
Having a small overdraft and using it = fine.
Exceeding overdraft limit, unathorised borrowing charges, unpaids and general poor account conduct = not fine.
In the event of the latter, you would keep away from clearing banks who have issues with this type of behaviour and concentrate on lenders which do not requre bank statements.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 -
-
Dont worry then. I think I have only ever had a case decline because of overdraft use where the person was looking to obtain a larger mortgage and was in their overdraft for about 25 days of the month. We tried a different lender and it was fine. I cant recall who the original lender was but it was not enough to prevent the mortgage going ahead.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
-
Isn't the request for full bank statements limited to mortgage applications where the applicant is borderline for LTV and acceptance criteria?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards