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New Overdraft since mortgage offer but not yet completed
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Affordability isn’t an issue due to both mine and my partners income combined.propertyrental said:Quite apart from the question of whether your lender will re-evaluate your ability to fund the mortgage, do you feel you'll be able to manage the mortgage?
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Can you not combine your income now and pay off your overdraft? I’d really try and get that to £0.LadyA2023 said:
Affordability isn’t an issue due to both mine and my partners income combined.propertyrental said:Quite apart from the question of whether your lender will re-evaluate your ability to fund the mortgage, do you feel you'll be able to manage the mortgage?0 -
If this is the case, then why have you needed to use the overdraft? Do you have a household budget? Does that include a saved emergency fund and ongoing savings to build that? If you move into your new home and 3 months later the boiler needs replacing, how will that be funded?LadyA2023 said:
Affordability isn’t an issue due to both mine and my partners income combined.propertyrental said:Quite apart from the question of whether your lender will re-evaluate your ability to fund the mortgage, do you feel you'll be able to manage the mortgage?
"Affordability" for life in general is an issue if an overdraft is being used - it's an incredibly clear cut signal (to lenders, as well as those who know anything about debt management) that the household finances are not under control.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0
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