if you have been overdrawn regularly over 6 to 12 months how much will this affect a mortgage application?

Answer 1

it really depends on whether you have exceeded your borrowing limit or not. most banks and other financial institutions use a system of credit scoring.this is simply a means by which they can assess how much of a risk you are.beingain have g overdrawn need not mean that you are a significant risk unless you are frequently ove your limit. if you have been then this can have a quite srious effect on your credit score. i would recommend that you go to a web site to check your credit rating before you apply as making too many scored applications can a gain have a negative effect. if you live in the uk i suggest creditexpert.co.uk they're advertising a free trial just now.
hope this helps

Answer 2

Lenders usually are not looking for that on your application. They ask for bank statements to prove that you don't have other outstanding debts you didn't tell them. They sometimes find payments in your bank statements. However, if your loan is risky and they are looking for things to turn you down or help you out, they can use that as compensating factors for your turn down.
If you have overdraft protection on your account and you didn't really go negative, you just borrowed from your credit line, this will not affect you at all.

Answer 3

Depends on other factors. I dont think anyone would ever simply be turned down just on that, if other parts of your application were fine. If there are other bumps in the road it could be enough to push you over edge as to risky on a loan.

But, if your credit score is ok, income is ok, and you have no other major blemishes it shouldnt be enough to get rejected.

Answer 4

alot...they will figure if you cannot control your account properly...what makes them think you can handle a mortgage