Yes mate, that is exactly what i'm doing.
Current bank balance is £1,230.00 overdraw.
Current ISA balance is £1,500.00 (I just put some money in my regular account and like to leave nice round numbers.)
Basically, as soon as you get your loan. (Get a loan. It is the best loan you will ever get in your life. If you don't need it, then stick it in a super high interest account and make loads of money off it.) Anyway, Get the loan, move it into your isa. Live on your overdraft. You can put in £3,000 a year and will make 5% of the balance each month. When the overdraft runs out, top up your regular account from the ISA.