Can I get an overdraft straight after mortgage?

Help1234

My partner and I completed on our first home this month. He is in full-time employment and I am a PhD student but our mortgage lender takes both our earnings into account.

I would like to apply for a student overdraft, will this be a problem straight after getting a mortgage or do I need to wait for a certain period of time?

Thanks

Fireflyaway

Apply and find out. I don't think anyone here will know for sure. Depends on your income and outgoings and how you have been running your bank account. Personally I'd say don't do it. Its easy to use it and just not get round to paying it back.
If you manage your finances properly you don't need one. Put some cash aside for emergencies and live on less than you bring in and save that interest for yourself. Don't let the stupid bank take your money.

[Deleted User]

Help1234 wrote: »

I would like to apply for a student overdraft, will this be a problem straight after getting a mortgage or do I need to wait for a certain period of time?

There's no set time. You'll generally be seen as higher risk, having recently taken on a large credit commitment, but it doesn't mean that you can't take on additional credit.

However, consider why you want the overdraft and whether it's the best option for your needs. Regular overdraft usage can be a very negative indicator.

spadoosh

I thought student overdrafts where pretty easy to get. I mean i got a £2k overdraft with income from a p/t job whilst at uni. Id imagine the limits for post grad would be higher.

Student overdraft are also usually interest free for quite a while. Whilst i appreciate getting stuck and not getting round to pay it, if the alternative is a typical financed product you would be far better going with the interest free option. In fact its an easy way of stoozing, max the overdraft put it in easy access savings and rinse the interest. As soon as the bank call the overdraft back in (used to be about a year after study finished) pay it off with savings.

My information is quite a few years old and in relation to under grad.