Hello,
I am in the process of applying for my first mortgage. This is with the Halifax and was agreed in principle in January 2013 but I have since had to wait until this month to submit so that I had two years freelance accounts. Our mortgage advisor still seems to think that it is all good to go ahead and will be submitting it for us tomorrow. However following a conversation with a friend last night I am now slightly concerned and seeking advice from anyone who has experience or knowledge of situations like the following.
Myself and my partner are totally debt free, we have paid all our loans off and also paid off our overdrafts. We have a good combined yearly salary and also have in the region of a 20% deposit. My concern stems from the fact that until I very recently paid all of my debt off I have been living in my overdraft since leaving University 8 years ago and in the past 12 month's went over my overdraft limit 4 times. My Experian credit score is currently 858. My partner has excellent credit 999 and has hardly used her overdraft in the last two years.
My worries have come about because a friend told me that he was denied a mortgage because of a similar overdraft history to mine. Is there a chance that our application will now fail even though our mortgage advisor said Halifax agreed it in theory in January and then also agreed it in theory 3 weeks ago when my partners salary increased.
Any feedback appreciated
I am in the process of applying for my first mortgage. This is with the Halifax and was agreed in principle in January 2013 but I have since had to wait until this month to submit so that I had two years freelance accounts. Our mortgage advisor still seems to think that it is all good to go ahead and will be submitting it for us tomorrow. However following a conversation with a friend last night I am now slightly concerned and seeking advice from anyone who has experience or knowledge of situations like the following.
Myself and my partner are totally debt free, we have paid all our loans off and also paid off our overdrafts. We have a good combined yearly salary and also have in the region of a 20% deposit. My concern stems from the fact that until I very recently paid all of my debt off I have been living in my overdraft since leaving University 8 years ago and in the past 12 month's went over my overdraft limit 4 times. My Experian credit score is currently 858. My partner has excellent credit 999 and has hardly used her overdraft in the last two years.
My worries have come about because a friend told me that he was denied a mortgage because of a similar overdraft history to mine. Is there a chance that our application will now fail even though our mortgage advisor said Halifax agreed it in theory in January and then also agreed it in theory 3 weeks ago when my partners salary increased.
Any feedback appreciated