Hi all! Long time lurker, first time poster. About to submit our first mortgage application and need some wisdom!
Boyfriend and I rent a lovely flat that's perfect for us. Our landlord knew we were looking to buy (eventually) so offered us the flat and accepted a bargain price. So off we went to the mortgage broker, and here's where my AIBU starts.
Because this happened a lot sooner than we expected, my finances aren't particularly great - leftover student overdraft of £2.5k which I'm always in, monthly wage isn't enough to bring me out of it. Credit card with about £450 outstanding, but the broker said that shouldn't pose too much of a problem. Sent the broker my 3 months bank statements and was told 'there could be a problem' as I was constantly in my overdraft and there was one charge for unarranged overdraft use (annoying as I had money in another account which could have covered it )
I am hugely worried about our application in light of this. It's a joint mortgage application, and I'm really worried that we will be declined because of me Boyfriends accounts are good, no overdraft, no credit card, no student loan etc. The affordability calculator said we could get around £209k but we're only asking for £166k which I hope helps it?
AIBU in being so worried, or is it likely to be declined? It feels like we have even more pressure than a normal mortgage application as if it's declined our landlord will need to sell to someone else leaving us without a flat!! Please let me know what you think, might calm me down a wee bit....or maybe not!
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AIBU?
First mortgage application - reassurance/advice needed!!
72 replies
PartyRat · 03/03/2016 20:12
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