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Will having an overdrawn current account affect a mortgage application?

  • 14-09-2011 11:41am
    #1
    BlueIsland
    Registered Users, Registered Users 2 Posts: 487 ✭✭


    Couple- 40 grand in savings, both in permenant jobs (one civil servant, one private sector),earning 93,000 a year between us,no other loans.1 credit card between us- never missed payments or anything...We are looking for about 200,000 of a mortgage. the question I have is in regards to currents accounts.
    My current account is kinda like my starting point of my money. I have an authorisied overdraft (400 euro) and the account just goes in and out of that after money goes to savings, rent to parents etc....Considering everything there would a current account not having a surplus hold us back from getting a mortgage. so by end of two week pay My account wouldnt be brimming with money cos it heads off to savings account and that...Its just my account that like that (not the girlfriends).....


Comments

  • #2
    silja
    Registered Users, Registered Users 2 Posts: 2,921 ✭✭✭silja


    Regularly getting in the red, even with an authorised overdraft, will be a negative point against you when applying for a mortgage. How much will you have in savings to use as a deposit?


  • #3
    Zamboni
    Registered Users, Registered Users 2 Posts: 4,306 ✭✭✭Zamboni


    Scrap the overdraft and live within your cashflow.
    You don't need it with your income and savings.


  • #4
    BlueIsland
    Registered Users, Registered Users 2 Posts: 487 ✭✭BlueIsland


    yeh it just something i got use to!! yeh meeting with broker and he said it not ideal or anything but shouldnt be a big problem. We have 40,000 in savings between us!


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