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    • Rodis33
    • By Rodis33 17th Mar 17, 11:12 PM
    • 7Posts
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    Rodis33
    Bank statements
    • #1
    • 17th Mar 17, 11:12 PM
    Bank statements 17th Mar 17 at 11:12 PM
    Hi,

    This is probably really obvious but what about to complete a mortgage application but with a bank that I don't already bank with. They have asked for my bank statements from my current account. I am just wondering what do they use the statements for? Is it just to see what my normal monthly outgoings are or something less obvious than that?

    I know it probably seems like a silly question and I have nothing to hide but more curious than anything.

    Thanks in advance
Page 1
    • glosoli
    • By glosoli 17th Mar 17, 11:32 PM
    • 561 Posts
    • 305 Thanks
    glosoli
    • #2
    • 17th Mar 17, 11:32 PM
    • #2
    • 17th Mar 17, 11:32 PM
    Mostly to see your account conduct, and to ensure your expenditure roughly tallies up with what was mentioned during interview. It can be a default requirement in certain circumstances also, such as high loan amounts, or high loan to value amounts, or with some lenders, in every occasion.
    • Rodis33
    • By Rodis33 17th Mar 17, 11:47 PM
    • 7 Posts
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    Rodis33
    • #3
    • 17th Mar 17, 11:47 PM
    • #3
    • 17th Mar 17, 11:47 PM
    That's great, thank you. I had a bit of an erratic month expenditure-wise so was worried it might affect or they might question my account handling, but don't see why it should?
    • Futuristic
    • By Futuristic 18th Mar 17, 12:55 AM
    • 723 Posts
    • 360 Thanks
    Futuristic
    • #4
    • 18th Mar 17, 12:55 AM
    • #4
    • 18th Mar 17, 12:55 AM
    That's great, thank you. I had a bit of an erratic month expenditure-wise so was worried it might affect or they might question my account handling, but don't see why it should?
    Originally posted by Rodis33
    They usually ask for 3 months and it should be fine, worse case they'll ask for 6 months but again shouldn't be a issue. I maxed out my credit card and it was showing on my file but they didn't question it as other months was low and repaid on time.
    • Rodis33
    • By Rodis33 18th Mar 17, 1:18 PM
    • 7 Posts
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    Rodis33
    • #5
    • 18th Mar 17, 1:18 PM
    • #5
    • 18th Mar 17, 1:18 PM
    Thank you. I just didn't want them to start unpicking everything because I had an unusually expensive month (within reason) and they cause me a problem as a result of it.
    • GlamGirlie
    • By GlamGirlie 18th Mar 17, 2:09 PM
    • 417 Posts
    • 248 Thanks
    GlamGirlie
    • #6
    • 18th Mar 17, 2:09 PM
    • #6
    • 18th Mar 17, 2:09 PM
    Hi, no they won't pick it all apart, they look at general spending and affordability, eg if you say on your application your food is £200/m but you actually spend £600, and your car/fuel bills are £200 but you actually spend £500, then you're spending a lot more than you declared on the application and this might affect affordabilty.

    They will also be looking at gambling type transactions, and to check you haven't got a load of undeclared transactions eg mortgage, coucnil tax and utility bills for a property you 'forgot to mention' or child maintenance bills you 'forgot' to declare on the application!
    I am employed as a manager in a financial services institution. My views are entirely my own.
    • Rodis33
    • By Rodis33 18th Mar 17, 2:41 PM
    • 7 Posts
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    Rodis33
    • #7
    • 18th Mar 17, 2:41 PM
    • #7
    • 18th Mar 17, 2:41 PM
    Thanks. That all makes sense. I guess it's the possible undeclared stuff that they need to be sure of. But we don't have those worries thankfully. At the moment we have a lot of disposable income which is why I had a month of high spend, but it was just before going on holiday and had a few PayPal transactions which actually is another point, do I need to justify those too, or will they just accept them as they are?
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