Unarranged overdraft mortgage application

Zandimos

Hi all,

Currently panicking like mad.

I have my mortgage offer from Skipton and had it for a few weeks now whilst waiting to exchange. I made a payment tonight which has been charged 3 times rather than once meaning I have gone negative and I don’t have an overdraft. I instantly transferred money into the account so I am back into the positive.

The money was incorrectly charged meaning I went into the negative. This money will obviously be refunded once I call them tomorrow.

What I’m worried about is will this show on my credit score and ultimately be seen by my lender when they do final checks upon completion and they withdraw the offer? I don’t see why I should be penalised for going into the negative when I was incorrectly charged?

Yellow_mango

If the payment was made outside banking hours and money put in the account to make it positive immediately (also outside banking hours) then I’d be surprised if the bank counted it as an overdraft at all. Your statement may well reorder transactions and show no negative balance. I can’t see it making its way onto your credit report. And in the unlikely event it did somehow show up and get noticed by your lender, a copy of your bank statement should verify your explanation.

So I think you’re panicking unnecessarily. Well done for picking it up and correcting it before it did become an issue.

Zandimos

Hi,

Thank you for your reply.

I spoke to HSBC again and my mortgage advisor who have both said there’s nothing to worry about and is very common. As long as I have rectified it in good time it will be fine.

Panic over!