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Chances of mortgage with overdraft usage?!
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Mumtothree123
Posts: 5 Forumite
Hi all! Advise would be gratefully appreciated!
My partner and I are looking to apply for a joint mortgage. We’ve had a decision in principle and an offer accepted on a new property.
Our lender has asked for three months bank statements and I’m really worried as OH tends to live in his overdraft much to my nagging. I’m really stressing now that this will cause us to have our application rejected.
I have an excellent credit report, no over draft and we will have just over 20% deposit available for the new property. Combined our salaries total 50k.
Does anyone have any pearls of wisdom be it positive or negative so I can prepare myself.
My partner and I are looking to apply for a joint mortgage. We’ve had a decision in principle and an offer accepted on a new property.
Our lender has asked for three months bank statements and I’m really worried as OH tends to live in his overdraft much to my nagging. I’m really stressing now that this will cause us to have our application rejected.
I have an excellent credit report, no over draft and we will have just over 20% deposit available for the new property. Combined our salaries total 50k.
Does anyone have any pearls of wisdom be it positive or negative so I can prepare myself.
0
Comments
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Does your OH stay within his overdraft limit? If so, you should be ok. Some lenders may take the maximum amount overdrawn as a commitment, similar to having a credit card balance. The fact that you have passes credit score already should give you some encouragement.I am a Mortgage Adviser
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.0 -
He!!!8217;s out of his over draft now but I!!!8217;m just worried it!!!8217;s a bit little to late. We came out as !!!8216;likely!!!8217; at the DiP which is apparently really positive but im so worried now about these statements...0
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Try not to worry too much. Overdraft usage is common, particularly if it's within limits. Lenders don't particularly like an applicant always being overdrawn but it usually isn't enough for an outright decline. Your case is strengthened by having a decent deposit and your own credit report being very good.I am a Mortgage Adviser
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.0
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