Mortgage application

alfie1104

Hello, put an offer on a house a few months back and my partner and I were approved for mortgage with 6 month offer. The house sale fell through and we currently only have 7 weeks left on the current mortgage offer. At time of first application I had been utilising my overdraft facility which would have been seen in the bank statements submitted for underwriting and all was approved OK. Due to christmas period and additional spending I have again utilised overdraft which is arranged and I am anticipating if this would be an issue for a new application with a lesser mortgage? 

ACG

With so many variables its difficult to say.
Some lenders do not care, other lenders do. 
If you have a £1k limit and use it for £200-300 thats different to have a £300 limit and using £300 or having £3,000 and using £3,000. 

But it also depends on your income and affordability etc. 

In general, it should be fine. But difficult to say for sure. 

alfie1104

Thank you, that's given me some reassurance. With the first lender which was nationwide, I used the full £800 (arranged OD) allowance most months but each month it was always cleared with my salary. This is still the case so I am hoping that given it was approved for a much higher amount previously it won't be an issue this time round.  

ACG

Interesting. Nationwide are one of the strictest when it comes to using the majority of your available credit - however, they tend to rely on the credit report for that. So if your balance was £800 everyday but you brought it back down to zero the day before the credit report updated you would probably be fine. 

80+ lenders = 80 potential ways of doing things.