Prepping for Mortgage Application

s_p_88

Hi all,

Will be applying for our first time buyer mortgage in around 6 months with my wife so we are just trying to get our finances in the best possible place prior to this.

My wife finished University in September last year and is now working full time and now has her student overdraft (0% interest) to pay off - £2000 limit with £1600 left to pay off which we will be chipping at prior to the mortgage application.

She has recently opened a credit card deliberately to build up her credit score which will be used for petrol and paid off each month. Her credit card has a money transfer facility so we could complete the money transfer at 0% fee.

My question is should we consider shifting her overdraft onto the credit card so that she can get in 6 months of her current account being in the black? Does anyone have any thoughts what would look better to a lender?

Thanks for any advice you can offer

ACG

Where is the deposit coming from?

s_p_88

My savings primarily, have the option of a gift but hoping to fund it ourselves

ACG

Could you not clear the OD with savings and build the savings back up?

(Not to sound condescending but well done on saving a deposit whilst at uni... my money went on beer and kebabs).

s_p_88

Ah I've been working full time/supporting her whilst she was at Uni. We could pay the overdraft off using savings - I suppose it's out of impatience as we are renting and have had our rent increased