Getting a FTB mortgage with historic overdraft

[Deleted User]

mortgagetakingages said:

[Deleted User] said:

mortgagetakingages said:

Seriously don't worry. So long as you didn't go into unauthorised overdraft it really isn't a problem. Especially as its now cancelled. 

It did go £41 over the arranged overdraft limit on one occasion only. Thankfully it doesn’t show up as a late charge/fee, no direct debits were bounced back as money was put into the account the same day. 

In my heart of hearts, I fear they’ll look at that and say “not a chance” because, let’s face it, it looks so bad. 

That’s why we cancelled the overdraft, paid off two credit cards using some savings so his debt to income ratio is next to nothing now and his bank account has never looked better! 

This may be a problem depending on who you are getting mortgage from. You can't change it so i would advise you not to worry and let things work through. 

We’re going with Nationwide, who I believe are being incredibly picky at the moment. Which is fair enough and I understand why they are being. 

The good thing is, the credit reports are all up to date and it’s not showing as a missed payment (phew!) and fingers crossed they’ve only asked for one months bank statement like they usually do.
whats meant to be will be though, I’m trying to keep my stress levels down, though it’s not working very well 🤣

[Deleted User]

Beeboo23 said:

I lived in my student overdraft and only paid it off just before my application which was approved. That purchase fell through for other reasons and I’ve now been approved for another mortgage a few months later. Also a FTB. 

If worst comes to worst, we wait a month and then try with someone else, that way he’ll have 3 months of bank statements with no overdraft at all. 

Just keeping everything crossed that it all works out 😊

Kiwistrawb1990

[Deleted User] said:

Beeboo23 said:

I lived in my student overdraft and only paid it off just before my application which was approved. That purchase fell through for other reasons and I’ve now been approved for another mortgage a few months later. Also a FTB. 

If worst comes to worst, we wait a month and then try with someone else, that way he’ll have 3 months of bank statements with no overdraft at all. 

Just keeping everything crossed that it all works out 😊

Honestly you'll be fine. I had a 4 year old default on my credit file and still got accepted by a high St bank. Good luck try not to stress its horrible isn't it haha x

[Deleted User]

Kiwistrawb1990 said:

[Deleted User] said:

Beeboo23 said:

I lived in my student overdraft and only paid it off just before my application which was approved. That purchase fell through for other reasons and I’ve now been approved for another mortgage a few months later. Also a FTB. 

If worst comes to worst, we wait a month and then try with someone else, that way he’ll have 3 months of bank statements with no overdraft at all. 

Just keeping everything crossed that it all works out 😊

Honestly you'll be fine. I had a 4 year old default on my credit file and still got accepted by a high St bank. Good luck try not to stress its horrible isn't it haha x

Congratulations on your mortgage 😊
Who is it with if you don’t mind my asking?

It’s the start of week 4 on Monday and I’m going by the old adage of “no news is good news” although in reality they probably just haven’t gotten round to looking at it yet 🤣

Yeah it’s awful trying not to stress about it! My partner talks about things we’ll do to the house and buying a new lawnmower and I’m all “shush, you’ll jinx it” 🤣

Kiwistrawb1990

[Deleted User] said:

Kiwistrawb1990 said:

[Deleted User] said:

Beeboo23 said:

I lived in my student overdraft and only paid it off just before my application which was approved. That purchase fell through for other reasons and I’ve now been approved for another mortgage a few months later. Also a FTB. 

If worst comes to worst, we wait a month and then try with someone else, that way he’ll have 3 months of bank statements with no overdraft at all. 

Just keeping everything crossed that it all works out 😊

Honestly you'll be fine. I had a 4 year old default on my credit file and still got accepted by a high St bank. Good luck try not to stress its horrible isn't it haha x

Congratulations on your mortgage 😊
Who is it with if you don’t mind my asking?

It’s the start of week 4 on Monday and I’m going by the old adage of “no news is good news” although in reality they probably just haven’t gotten round to looking at it yet 🤣

Yeah it’s awful trying not to stress about it! My partner talks about things we’ll do to the house and buying a new lawnmower and I’m all “shush, you’ll jinx it” 🤣

Thank you 💜 ours is with Natwest! Haha I was like that! "stop saying when we move it's IF we move" 😂

Bex_27

I lived in my student overdraft do and unfortunately still have it, although I am chopping off at it every month and will be reducing it fully when I get a lump sum. Having said this, I have got a mortgage offer and we are moving full steam ahead! My mortgage was £1990. Use a good mortgage advisor! We had an amazing one and got a fab deal!

Bex_27

*overdraft was £1990 even haha

[Deleted User]

Kiwistrawb1990 said:

[Deleted User] said:

Kiwistrawb1990 said:

[Deleted User] said:

Beeboo23 said:

I lived in my student overdraft and only paid it off just before my application which was approved. That purchase fell through for other reasons and I’ve now been approved for another mortgage a few months later. Also a FTB. 

If worst comes to worst, we wait a month and then try with someone else, that way he’ll have 3 months of bank statements with no overdraft at all. 

Just keeping everything crossed that it all works out 😊

Honestly you'll be fine. I had a 4 year old default on my credit file and still got accepted by a high St bank. Good luck try not to stress its horrible isn't it haha x

Congratulations on your mortgage 😊
Who is it with if you don’t mind my asking?

It’s the start of week 4 on Monday and I’m going by the old adage of “no news is good news” although in reality they probably just haven’t gotten round to looking at it yet 🤣

Yeah it’s awful trying not to stress about it! My partner talks about things we’ll do to the house and buying a new lawnmower and I’m all “shush, you’ll jinx it” 🤣

Thank you 💜 ours is with Natwest! Haha I was like that! "stop saying when we move it's IF we move" 😂

I’m using every fibre of my being to be restrained about it, I want to be excited but I daren’t 🤣
As soon as I saw the house I could see us living there, we plan on it being our forever home and we’ll see our days out in it. 

My dad passed away not long ago and I said I was going to build him a memorial pond in the back garden of whatever house we bought and when I saw this one I could see straight away where I was going to build it ❤️

This is me clearly not getting excited 🤣

[Deleted User]

Bex_27 said:

I lived in my student overdraft do and unfortunately still have it, although I am chopping off at it every month and will be reducing it fully when I get a lump sum. Having said this, I have got a mortgage offer and we are moving full steam ahead! My mortgage was £1990. Use a good mortgage advisor! We had an amazing one and got a fab deal!

Congratulations on your mortgage offer! 😃

My partner had an overdraft of £1000 and he was in it almost up to the limit each month, we paid it off in full and cancelled it thankfully but that’s the one thing worrying me 😬

We’ve used a broker and he keeps telling me not to worry, if it’s a problem we’ll deal with it. And he’s right, there’s no point in worrying about things I can’t control. I’m still panicking though 🤣

[Deleted User]

my overdrafts have never been reported to credit agencies
Im usually always in and out of overdraft as I dont keep much money in my current account
In the last year I received offers from Nationwide ( main mortgage ) and Santander BTL - neither were an issue. 

Overdraft are a way of managing money when necessary