Offer on a house has been accepted. We are first time buyers who have are aiming for £15% deposit with £450 mortgage repayments (£200 cheaper than rent!)
Myself and partner have a Decision in Principle from Halifax who in theory have said they will lend us £96000 more than we actually need. We were at first declined by Nationwide who said the problem wasn't with adverse credit but just rating.
I've heard that Halifax aren't great for going ahead with full application of mortgage. I have checked my credit rating through experian and I am good. No issues. The problem will lie with my partner (who hasn't checked his yet!) He has two bank accounts both in overdrafts (less than £2000) and he regularly gets sent letters saying he has gone over overdraft agreements or direct debits have bounced (usually at the end of the month but once he has been paid from work these get paid). To be fair, he is in the process and has made arrangements with banks to reduce his overdraft and has done considerably over the last couple of years. He has also changed his name recently through depol and has yet to change his name with everyone.
Is this going to dramatically effect our chances of the mortgage being approved? My main concern is that they will ask to see bank statements and will see that he is in his overdraft.
Any help, advise, would be welcomed.:)
Myself and partner have a Decision in Principle from Halifax who in theory have said they will lend us £96000 more than we actually need. We were at first declined by Nationwide who said the problem wasn't with adverse credit but just rating.
I've heard that Halifax aren't great for going ahead with full application of mortgage. I have checked my credit rating through experian and I am good. No issues. The problem will lie with my partner (who hasn't checked his yet!) He has two bank accounts both in overdrafts (less than £2000) and he regularly gets sent letters saying he has gone over overdraft agreements or direct debits have bounced (usually at the end of the month but once he has been paid from work these get paid). To be fair, he is in the process and has made arrangements with banks to reduce his overdraft and has done considerably over the last couple of years. He has also changed his name recently through depol and has yet to change his name with everyone.
Is this going to dramatically effect our chances of the mortgage being approved? My main concern is that they will ask to see bank statements and will see that he is in his overdraft.
Any help, advise, would be welcomed.:)