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!
First time Buyer , worried about chances
wilsons102
Posts: 2 Newbie
My wife and i are looking to buy our first home , we never bothered in the past as my credit rating was very poor as id never had any credit before, after years of credit builder credit cards and managing to get a £5000 loan from my bank which i paid off in 4 months... then getting my first hire purchase car my credit is looking a lot better.
However we are worried about getting approved and if we get rejected it will knacker my credit rating for another 3 months at least ? so i've been told.
We want to buy a new build at £198,000 , we have £11,000 deposit and we want to use help to buy to get a further 15%, so total about £40,000.
Earning £47,500 per year and my wife £15,000
We have managed to save £1500-1800 per month since we decided to go for it and the house we want is getting released this month.
My question is that worries me , is we used our agreed overdraft in June and we don't want to miss our chance as the houses we are looking at literally sell within 24-48 hours of release. As we have to provide 3 months bank statements on the application is using our overdraft in June going to get us declined ? We paid it back next pay and our current account has been in credit for the 2 months since.
Anyone any experience of applying after having used an overdraft ?
However we are worried about getting approved and if we get rejected it will knacker my credit rating for another 3 months at least ? so i've been told.
We want to buy a new build at £198,000 , we have £11,000 deposit and we want to use help to buy to get a further 15%, so total about £40,000.
Earning £47,500 per year and my wife £15,000
We have managed to save £1500-1800 per month since we decided to go for it and the house we want is getting released this month.
My question is that worries me , is we used our agreed overdraft in June and we don't want to miss our chance as the houses we are looking at literally sell within 24-48 hours of release. As we have to provide 3 months bank statements on the application is using our overdraft in June going to get us declined ? We paid it back next pay and our current account has been in credit for the 2 months since.
Anyone any experience of applying after having used an overdraft ?
0
Comments
-
Good news, you dont have a credit score so nothing will be "damaged" as you say by applying.0
-
i dont follow ...0
-
banks use their own scoring system/ criteria not someone elses"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
You won't have a problem.
Do you even know if a lender will see your bank statements? Brokers ask for them but many lenders don't want them upfront; but reserve the right to ask us for them after the event if they want to audit us.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards