Advice for first time mortgage

movvy

Hello all,

MY partner and I are saving hard in two Help to Buy ISA's for our first house, so we are all rather new to this.

I'm a little worried because my main bank account often plunges deep into my arranged overdraft, only to be topped up again at payday and the cycle continues.

I've cut my expenses to a minimum and will continue cutting where I can to try and get my accounts back in order but with our hard saving our outgoings often just match our income so I'm finding it hard to make that end of month balance black.

Could this greatly impact our changes of getting a mortgage?

Thrugelmir

Reduce your savings to a sustainable level. Little point in creating issues where none actually exist.

getmore4less

but with our hard saving our outgoings often just match our income

You are saving using debt, stop saving till the OD is not needed.

you save what's left.

alex_163163

Agree with the above. No point saving as much when that means you are having to use so much overdraft, which seems effectively like a debt.