Going over overdraft limit by pennies

Humperdink

Hi

I have recently been informed by a mortgage advisor that going over your overdraft limit by pennies will be an instant rejection in any mortgage application.

I have just seen in a recent statement that I went over by 92p in 1 month, just the one month and only for an evening. Ironically, it was taken as a direct debit from a cash round up ISA that I have setup i.e Moneybox. My overdraft limit is low. Just £100. So my overdraft was total of £100.92.

I wondered if any one with any experience or knowledge on the matter could shed some light on whether it is a rejection? Feel it's always a good idea to have another persons/experts view.

Thanks in advance

kingstreet

I disagree.

Perhaps the odd lender might have an issue with that. Most won't.

AnotherJoe

Dont p*** about with gimmicky things like Moneybox. If you want to save, save a decent amount regularly, don't fool yourself that a few quid here or there will actually make a difference because it wont. If you want to invest by saving 60p when you buy a latte, dont buy it at all and save three quid and invest that instead.
If you make 20 purchases a month, thats just a tenner you'll be saving that month, and from memory paying a pound fee, so thats a ridiculous 10% fee as well or if you do 10 transactions a month you are paying 20%! Plus the 0.45% fee on top.
Moneybox and things like it are for mugs who haven't worked the maths out.

And dont live in your overdraft if you are saving for a house. Or at all. Leave a buffer.

butterflybook

it would not be an instant decline from all - Some lenders don't like this but some wont have an issue - If it was consistently exceeding an agreed overdraft then of-course this would flag concerns over money management