We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
FTB Mortgage Advice
Jennaturner
Posts: 22 Forumite
Hi all,
Myself and my husband are buying an off plan house - we have reserved the plot and instructed a mortgage broker. The broker applied for our agreement in principle which was approved instantly. The house price is £318,995 and we have a £35k deposit. My question is regarding the actual mortgage application. I am so worried that we won't be offered a mortgage as I am currently in my overdraft as we have had a lot to pay for this month and I also paid off my student loan (hooray)!! My overdraft is £700 and I am in it by £250 at the moment. The broker has asked for 3 months of bank statements and I am so worried that mine are going to let us down.
Has anyone had any experience of having a mortgage approved when being in an overdraft/recently going into an overdraft?
Thanks
Myself and my husband are buying an off plan house - we have reserved the plot and instructed a mortgage broker. The broker applied for our agreement in principle which was approved instantly. The house price is £318,995 and we have a £35k deposit. My question is regarding the actual mortgage application. I am so worried that we won't be offered a mortgage as I am currently in my overdraft as we have had a lot to pay for this month and I also paid off my student loan (hooray)!! My overdraft is £700 and I am in it by £250 at the moment. The broker has asked for 3 months of bank statements and I am so worried that mine are going to let us down.
Has anyone had any experience of having a mortgage approved when being in an overdraft/recently going into an overdraft?
Thanks
0
Comments
-
Dipping into an authorised overdraft generally wouldn't be a concern to a lender.
Exceeding overdraft limits on a regular basis, however, is a red flag. If you are using the overdraft well and not abusing the facility to excess, I cannot see that being an issue with any given lenderI 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 advice0 -
Thanks for your reply. Just to clarify, I never go over the agreed limit of £700.0
-
Ok, well sit back and relax and wait for your broker to give you some good news then (touch wood!)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 advice0 -
Dont worry as YHM has said if its authorised and not regular it wont tend to be an issue at allI 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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.7K Banking & Borrowing
- 253.8K Reduce Debt & Boost Income
- 454.6K Spending & Discounts
- 245.8K Work, Benefits & Business
- 601.8K Mortgages, Homes & Bills
- 177.7K Life & Family
- 259.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards