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Mortgage Advice- Overdraft
almmortgagehelp posted a topic in General property discussionHi everyone- some help, advice and reassurance please! My partner and I (first time buyers) have put an offer in on a house. We have got a mortgage in principle from Barclays for £152k based on having a 5% deposit of £8k for a £160k purchase. If our offer is accepted by the seller, then obviously we need to get started on a mortgage application. We are both in steady, permanent employment- I am a teacher earning £25,373 per year and he is a customer service advisor earning £17,500 per year plus bonuses. My only concern is that up until last month, I was living in my arranged, fee-free overdraft. I have never exceeded the arranged overdraft limit. I have just paid this off in full using savings. Other than this, I have never been charged fees on my account, neither of us have ever missed a direct debit payment, and we both have good credit scores. Will this recently used overdraft be a problem? As mentioned, it is now paid off in full, we have our deposit ready in a Lifetime ISA and I have just been paid so have a full wage in my bank account. Thank you!
Hello folks You may be familiar with a similar product which has recently been paired back to only offer loans on Ltd company BTL's However there is a new lender developing an improved product aimed specifically at landlords What do members of this group think of a product like this one below and what other features might you want? (within reason) Flexible overdraft you can draw down and repay without penalty - Removes the need for expensive bridging loans Use the facility as often as you wish for deposits or refurbs and then reduce the balance when you sell or remortgage - then go again It's an long term second charge loan up to 80% LTV secured on your BTL Properties loans from £25K to £500K Only pay interest on the balance outstanding at the time Available for up to 4 properties and for personal or Ltd Company owned BTL's Rates around 5% No early repayment charges I have known the guy who is putting this together for over 20 years so I am happy to let him have any good ideas which members put forward. If your ideas make sense commercially they may find their way in to phase 1 due to hit the market October / November (or phase 2) I'll keep this thread updated as I hear more so add yourself (even if you don't have a comment) and you should get update notifications Thanks Steve Walker www.promisemoney.co.uk