Hi, Just wanted to some advice from anyone who has been in similar circumstances or would know if we were likely to be offered a mortgage with Nationwide.
My partner is in full time permanent job for 5yrs+, hes on roughly £12500 a year.
Myself is more complicated: qualified teacher in aug 2011 and worked for local authority doing supply in the same school. In June 2012 i was offered a full time contract until december, then this was extended 0.2 contract and supply other days all at the same school, ive just been offered a full time contract till 31st aug with possibility to extend due to the teacher im covering is going on a secondment. I will also be applying for full time permanent posts ready for september but if i have no joy will still be guaranteed supply at the school.
Me and my partner went into our local nationwide branch they checked our affordability going off my income that will be in next payslip. I explained there and then i had 22 months left on my car at £195 a month, £240 on a credit card and a £1000 interest free overdraft. He said they could possibly offer us £127,500 which is way more than we want. We have explained we have seen a house at £100,000 that we like.
We have £8000 saved in our save to buy scheme for FTB with them.
I am in my overdraft which is £1500 but i stick within my £1000 interest free zone. Now i can pay that off on 22nd of april and see mortgage advisor in branch on 26th april.
I have never missed payments for my car, car ins, contract phone and always pay at least the minimum payment for my credit card.
I explained to them that my credit card would also be paid off by may.
My other half is amazing with money, got a cash ISA hes had for over 4 years, and a few thousand in his current account and only has his contract phone coming out every month.
Will our application be declined because of my overdraft even though it will be paid off? (either way my overdraft ends on 31st July so would have geen cleared anyway)
Any advice would be much appreciated :-) i just dont want to be the one blame for somethin that is paid off before the application goes ahead, i know that this overdraft usage will be on my bank statements, ive been honest with nationwide from the start.
My partner is in full time permanent job for 5yrs+, hes on roughly £12500 a year.
Myself is more complicated: qualified teacher in aug 2011 and worked for local authority doing supply in the same school. In June 2012 i was offered a full time contract until december, then this was extended 0.2 contract and supply other days all at the same school, ive just been offered a full time contract till 31st aug with possibility to extend due to the teacher im covering is going on a secondment. I will also be applying for full time permanent posts ready for september but if i have no joy will still be guaranteed supply at the school.
Me and my partner went into our local nationwide branch they checked our affordability going off my income that will be in next payslip. I explained there and then i had 22 months left on my car at £195 a month, £240 on a credit card and a £1000 interest free overdraft. He said they could possibly offer us £127,500 which is way more than we want. We have explained we have seen a house at £100,000 that we like.
We have £8000 saved in our save to buy scheme for FTB with them.
I am in my overdraft which is £1500 but i stick within my £1000 interest free zone. Now i can pay that off on 22nd of april and see mortgage advisor in branch on 26th april.
I have never missed payments for my car, car ins, contract phone and always pay at least the minimum payment for my credit card.
I explained to them that my credit card would also be paid off by may.
My other half is amazing with money, got a cash ISA hes had for over 4 years, and a few thousand in his current account and only has his contract phone coming out every month.
Will our application be declined because of my overdraft even though it will be paid off? (either way my overdraft ends on 31st July so would have geen cleared anyway)
Any advice would be much appreciated :-) i just dont want to be the one blame for somethin that is paid off before the application goes ahead, i know that this overdraft usage will be on my bank statements, ive been honest with nationwide from the start.