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Impact of going overdrawn on mortgage application

JJPA
Posts: 14 Forumite


My wife and I have a mortgage agreement in principle, which was referred to the underwriter before being accepted (so I believe our viability has been reasonably well scrutinised already).
We’re now at the full application stage, and need to provide bank statements etc. Now, I have a solid credit rating (511 on ClearScore which I believe is based on Equifax), however our joint account has enterted an unauthorised overdraft by a couple of hundred quid recently. It was silly on my part really - I just hadn’t factored in an increase in some of our utility bills, although we rectified the issue quickly.
How significant is this likely to be in terms of our application, in the context of a good credit rating and the fact we are putting down a 35% cash deposit on the property?
Thanks!
We’re now at the full application stage, and need to provide bank statements etc. Now, I have a solid credit rating (511 on ClearScore which I believe is based on Equifax), however our joint account has enterted an unauthorised overdraft by a couple of hundred quid recently. It was silly on my part really - I just hadn’t factored in an increase in some of our utility bills, although we rectified the issue quickly.
How significant is this likely to be in terms of our application, in the context of a good credit rating and the fact we are putting down a 35% cash deposit on the property?
Thanks!
0
Comments
-
Which lender?
How quickly was it rectified?
How much is a couple of hundred?
When did it happen?
What's your income?
They all have their own requirements, your deposit may counteract the blip.
Also, the credit scores are not seen or used by lenders as they have their own way of credit scoring.Mortgage started 2020, aiming to clear 31/12/2029.0 -
Lender is West Bromwich BS. Rectfied within 48 hours. It happened last month. Salary is £73k per year, deposit is £200k.
Thanks.0
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