Applying for a mortgage and overdrafts

Kelis

Hi

Very sorry if this has been discussed but after checking many threads I can’t seem to see anything that can help.
Plus very sorry for the essay

At the moment me and my husband live together. The mortgage for our house is solely in his name. 7 years ago when we bought the house I never had good credit and was in the process of getting my name off a mortgage with an ex (took so long I ended up having to take him to court but that’s another story) we decided to leave it in just his name until we moved.

So we planned to move late next year but due to other things this will now have to be start of next year. I have build up my credit rating in the last 4/5 years. Never missed a payment and now score the highest I can on 2 different credit agencies (I know this doesn’t guarantee a mortgage but it’s went from 400 to 999)

Anyway I had been using my overdraft off and on (an arranged one I had from being a student) never used the full overdraft but do dip in now and again at end of the month. We decided I would start paying it off so eventually I won’t have an overdraft at all by time we go to get a mortgage. So had brought it down from £1000 to £500 but now having to look to apply for a mortgage in December and my payslips will show a few days (around 4/5 days) of the month I have went a little into the arranged overdraft. Will this effect me getting a mortgage? We are looking to buy a property at 160k and have 60k deposit. My husband had a very good paid job and never had a overdraft and is always got plenty money left in his account after bills have been paid. I now make sure I don’t go into my overdraft but older payslips will show I have.

My other issue was before I got off my other mortgage 4 years ago my ex paid a late payment to the mortgage company, was about 2 weeks late (only one in 10 years) never went into arrears but obviously shows on my report it was late . Now 4 years have passed since that but worried it will flag up.

So stressed out that I won’t get one that i’m making myself ill with worry as really want out this house we are currently in.

Any advice would be greatly appreciated. Thanks in advance

Mortgage_Adviser

To me none of the things you have mentionned sound as an issue. Assuming there are no issues with income/affordability, my pick for a client like you would most likely be with a high srtreet lender on competitive terms.

Kelis

Hi

Thanks for reply. There are no income/affordability issues. I have been saving for a few months and didn’t realise I had saved enough to pay off my overdraft so that’s been cleared as of last night so no longer have an overdraft. Had that thing for far too long.


Thanks