Mortgage overdraft advice Help

User4751

Hello. Me and my girlfriend are about to buy our first home. I am a little worried about my bank account statements. I usually end up about £-300 out of my £750 arranged overdraft about 8 days before I get paid maybe a little worse this month with it being Christmas. I have £17,000 savings from a few years ago but I have never used it to keep me out of my overdraft as I was never worried that I wouldn’t be able to pay it when I get paid. We are looking at a home priced at £240,000. We have the £17,000 a £100,000 gift from family and we hope to use £25,000 first home fund. So we need around £100,000 from a lender. What are the chances of us getting one from the mainstream banks and building Society. Many thanks for any advice in Advance.

MovingForwards

What's your income?
Any other debts? Credit cards? HP? PCP? Etc

User4751

£35,000 A year and my partner is £12,000 a year. I have 1 credit card with a limited of £750. Usually use £100 of it just to keep my credit rating good and pay it off full each month. I have £9,000 unsecured loan for a car. My partner has no credit cards or loans. I have never had any late repayments or missed payments on anything. I am thinking about paying my £9,000 off with some savings. I just don’t no if it would be better to keep the £9000 extra for the deposit or clear the loan.

LRmortgage

Based only on the info you have posted, you should be fine to get a mortgage of £100k.

Speak to a broker or go online and pick a couple of lenders and do their online mortgage affordability calculators.

Socajam

User4751 wrote: »

Hello. Me and my girlfriend are about to buy our first home. I am a little worried about my bank account statements. I usually end up about £-300 out of my £750 arranged overdraft about 8 days before I get paid maybe a little worse this month with it being Christmas. I have £17,000 savings from a few years ago but I have never used it to keep me out of my overdraft as I was never worried that I wouldn’t be able to pay it when I get paid. We are looking at a home priced at £240,000. We have the £17,000 a £100,000 gift from family and we hope to use £25,000 first home fund. So we need around £100,000 from a lender. What are the chances of us getting one from the mainstream banks and building Society. Many thanks for any advice in Advance.

I think before you go ahead you should do some research on this forum about buying properties with partners when there are large deposits involved.
Both you and your girlfriend need to sit down and work out what will happen to all of this money and get things in writing.
I have read enough heartbreak on here of people jumping into this without thinking of the consequences.

b3ssy29

Hi, completely new to this so apologies if this is in the wrong place, but also looking for some advise with regards to mortgages and overdraft usage. Myself and partner are looking to buy our first home and have been looking at properties around the 95k mark at 90%ltv. I have a £150 overdraft which is rarely ever used, (not used at all within the last 4 months) however my partner regularly uses his £500 overdraft (he was also in and out of an unathorised overdraft about 3 years ago but hasn't done since). He does clear it every month with his wage, but then seems to fall back into it about half way through the month. Neither of us have ever had a credit card, nothing on loan, no missed or late payments, and we have a joint income of just over 28k. What are our chances of getting a mortgage? Trying to save some money so was hoping to go it alone, but realistically am I better just going through a broker? Thanks in advance

kingstreet

Use of a small authorised overdraft is not normally an issue.

The unauthorised borrowing should now be historic and ignored.