Past loans, overdraft usage and disposable income Question

rrcollins92

Hi guys,

Just looking for some opinions to calm me down!

My broker is applying for a mortgage tomorrow or Tuesday for me, via Barclays (FTB and HTB mortgage)

I earn just over 50k a year (with a very good company reputation wise, permanent skilled contract) and I am applying for a mortgage of £161000, I have disposable income of around £1800 a month, I save around 800 a month. I am applying for a HTB mortgage.

Sometimes through the month I dip into my arranged overdraft by a hundred pound or so, and this is paid off every month.

From 2010-2016 I had quite a few loans from my Bank but I have never missed a payment or anything like that. I am currently still paying a Natwest loan off with a balance left to pay of £5000.

There is nothing 'bad' on my credit reports in my opinion, such as late payments etc

Will Barclays view me dipping into my overdraft and past loans as a problem and reason to decline me?

Just looking for some opinions, my broker has looked through my documents and not pulled out any issues and recommended the Barclays mortgage.

Sorry if these types of thread's get a bit repetitive after a bit! :rotfl:

[Deleted User]

Using your OD isn't every month isn't great, but won't necessarily be a deal breaker if everything else stacks up. Presumably your loan has a lower APR than your savings?

Your CRA credit scores are of no interest to lenders - it's all about your history and circumstances.

Xyzzy

In terms of credit scoring so long as you haven't gone into your unauthorised overdraft and have made loan payments on time i doubt you'll have an issue. I dont know how much your monthly payments are on the loan but based on the income you have you've got a lot of wiggle room in relation to affordability. If I had to speculate based on the limited info i have I expect you'll be fine.
zx81 makes a good point about APR/loan/savings though..

Thrugelmir

rrcollins92 wrote: »

Just looking for some opinions, my broker has looked through my documents and not pulled out any issues and recommended the Barclays mortgage.

If your broker has done their job properly. They've guided you to a lender who'll accept your profile.

On a more general note for future reference. Think of yourself as entering a beauty competition. Lenders have a finite amount of money to advance. When push comes to shove. There may well someone who has applied that is prettier than you. Because they've made more of an effort prior to entering the competition. Most things are common sense and should require no real effort.