Help! Overdrafts and mortgage

Natasha_ferrari

Hi, I'm looking to apply for a mortgage soon and I'm wondering if having an arranged overdraft effects this?

I have an overdraft of £100 and I get paid weekly.

I'm not constantly in my overdraft just occaisnly any one for a few days as when I get paid it clears my overdraft

BLOW_FLY

An arranged £100.00 overdraft facility is rather unlikely to have any impact on a mortgage application although it will depend on the figures involved.

Which are....?

BF

Natasha_ferrari

What figures do you mean?

How much I'm looking to borrow?
Or my income?

Lilla_D

Well, both But I agree with BF that a £100 overdraft doesn't normally make a difference, unless your earnings are low and the mortgage amount is low and the £100 is a relatively high commitment compared to your monthly income. And of course if you have other commitments as well (credit card, loan, childcare, student loan, ground rent, service charge...), then it all adds up.

Natasha_ferrari

My income is just under 2000 a month and I have no loans or credit cards that I'm paying off. We have a deposit of 150,000 looking properties of about 325,000. Thanks for the help

BLOW_FLY

Natasha_ferrari wrote: »

My income is just under 2000 a month and I have no loans or credit cards that I'm paying off. We have a deposit of 150,000 looking properties of about 325,000. Thanks for the help

Seriously.....? :eek:

And you're worried about a £100.00 arranged OD facility.....

You do realise you're on a Money Saving Expert (MSE) forum....?

Not exactly the average post on here, speak with your bank, a broker, DYOR, you're in a good position :beer: :T

Even though my trollometer is heading towards red right now.....

BF

samsam89

Natasha_ferrari wrote: »

My income is just under 2000 a month and I have no loans or credit cards that I'm paying off. We have a deposit of 150,000 looking properties of about 325,000. Thanks for the help

I would question the need for a £100 overdraft if you've managed to save £150,000.