Chances of getting a mortgage

We've had an offer of 120, 000 accepted on a reposessed house, and we believe this is our dream house!! I keep thinking we're going to get rejected for a mortgage, not sure if my concerns are real. Here are some pros and cons, we both earn around the same, 17600 per year each.

+ 15% deposit (majority gifted)
+ 0 amount of debt.
+ Both our credit scores are 'very good'
+ Mortgage would workout to cost us less than rent we pay
+ wifes credit report has no marks, pays off credit card in full.
+No credit issues in the past year apart from using authorised overdraft
+Had my job for over 4 years

- 2 late payments on my current account in 2011, my phone bill and credit card bill bounced. This was incredibly stupid.
- Around that time I often went over my arranged overdraft, I was immature. This didnt leave a red mark, but underwriter maybe able to see monthly balances on report??
-wife has only had her job for 6 months. Passed probation.
-Have been £700 overdrawn on my student account for last 2 years. Was interest free so I left it. Paid it off this week.
- Though all overdrafts and debts have been paid of this week, it hasnt updated on experian.
-3 month bank statements show me using overdraft.

Im so nervous and dreading it.