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Credit Union and Mortgage

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Legacy_user
Legacy_user Posts: 0 Newbie
in Mortgages & endowments
Hi all

So my partner and I are beginning to put plans together to try to get a mortgage and I know that one of the barriers will be that I'm dreadful at staying out of my overdraft. :( I know it just takes discipline etc etc. so please no advice on this part as I just feel my life is too chaotic to be on the ball enough to manage it.

My question is, if I begin banking with a credit union, so that I don't have an overdraft to fall back on, would the credit union banking be frowned upon when I apply for a mortgage.

Thanks in advance.

Comments

  • YHM
    YHM Posts: 650 Forumite
    Yes. A lender would consider that if you struggle to maintain a basic current account, how would their sizeable mortgage fare.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, 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
  • System
    System Posts: 178,349 Community Admin
    10,000 Posts Photogenic Name Dropper
    Sorry, so I guess what I am asking is, will doing my banking with a credit union or basic bank account rather than a regular bank account be viewed badly? Thanks
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • YHM
    YHM Posts: 650 Forumite
    Stick to a basic stripped down bank account with 0 overdraft.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, 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
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