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Will having an overdrawn current account affect a mortgage application?

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  • 14-09-2011 12:41pm
    #1
    BlueIsland
    Registered Users 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).....


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    #2
    silja
    Registered Users 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?


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    #3
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


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


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    #4
    BlueIsland
    Registered Users 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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