House buying help

Fazz28

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19 Apr 2008
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418
So after a year of renting, and months of back and forth, we finally submitted our official mortgage application just after xmas, on Monday we got our offer, the house is reserved, new build due in June, finishing touches chosen, solicitors working.. my partner has confessed she is £500 overdrawn on her student bank account (approved overdraft), she was £250 overdrawn when we think they did the initial check but then her car got wrote off and in buying a new one she needed a couple of hundred that she obviously hadn't accounted for.. does anyone know if this is a massive issue? ive been told the lender will do more checks during the next few months especially around completion.. should we get this paid off or with it being approved are we okay? ive read various thoughts on the internet without any real answer.
 

davymcfc

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1 Sep 2008
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Not sure if there is a definitive answer. Sounds like this has been agreed in principle but if I were you I would tow the line until everything is signed and sealed and you start making the payments. From the banks point of view they want to have absolute assurance that you are able to pay the mortgage back without a struggle. If you are already in to an overdraft before the payments are being made then that may raise a concern for them. It is of course completely down to which bank you are with and how picky they are.
 

Fazz28

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Joined
19 Apr 2008
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418
Not sure if there is a definitive answer. Sounds like this has been agreed in principle but if I were you I would tow the line until everything is signed and sealed and you start making the payments. From the banks point of view they want to have absolute assurance that you are able to pay the mortgage back without a struggle. If you are already in to an overdraft before the payments are being made then that may raise a concern for them. It is of course completely down to which bank you are with and how picky they are.
we have the official offer, agreement in principle was sorted months ago..
 

Gaylord du Bois

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Great Umbrage.
A word to the wise. Do not live in your/her overdraft. Get it cleared and removed. Cut your cloth accordingly, especially in your first few years. Most importantly, never fall behind on payments. If anything, get ahead by overpaying. Even if it's only £5/10 per week.
On the main point, I'd doubt it'll be a problem unless you start getting non payment issues elsewhere.
 

Fazz28

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19 Apr 2008
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418
A word to the wise. Do not live in your/her overdraft. Get it cleared and removed. Cut your cloth accordingly, especially in your first few years. Most importantly, never fall behind on payments. If anything, get ahead by overpaying. Even if it's only £5/10 per week.
On the main point, I'd doubt it'll be a problem unless you start getting non payment issues elsewhere.

we are currently renting at £700 p/m and not missed a single payment, or struggled for one.. the mortgage is £350 p/m.. she's only gone into her overdraft due to writing her car off.. ive not been in mine for 10 years
 

Gaylord du Bois

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Great Umbrage.
we are currently renting at £700 p/m and not missed a single payment, or struggled for one.. the mortgage is £350 p/m.. she's only gone into her overdraft due to writing her car off.. ive not been in mine for 10 years
I can't see you having a problem tbf. Hope it goes well for you both.
 

Fazz28

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19 Apr 2008
Messages
418
I can't see you having a problem tbf. Hope it goes well for you both.
thank you, as I say we have the official offer and contracts are being signed in the next few days, I will keep pushing her to get it paid off before completion as ive read they will do credit checks just before. hated this whole process to be honest.
 

Onholiday(somemightsay)

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4 Aug 2018
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MIA
A word to the wise. Do not live in your/her overdraft. Get it cleared and removed. Cut your cloth accordingly, especially in your first few years. Most importantly, never fall behind on payments. If anything, get ahead by overpaying. Even if it's only £5/10 per week.
On the main point, I'd doubt it'll be a problem unless you start getting non payment issues elsewhere.
That's good advice
 

nimrod

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24 Dec 2006
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Location
Down Under
A word to the wise. Do not live in your/her overdraft. Get it cleared and removed. Cut your cloth accordingly, especially in your first few years. Most importantly, never fall behind on payments. If anything, get ahead by overpaying. Even if it's only £5/10 per week.
On the main point, I'd doubt it'll be a problem unless you start getting non payment issues elsewhere.
Top advice, get it cleared.. asap.

Wow, still no mention of bricking windows, torching it and claiming on the insurance. standards are indeed slipping.
You beat me to it.

Hope it all goes well.
Buying a house in England is a logistical nightmare.
My son just bought his first house here in Australia, from the day he made the offer to moving in took four weeks.
 

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