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    • charco
    • By charco 15th Jun 17, 7:39 AM
    • 39Posts
    • 14Thanks
    charco
    New mortgage - 3 bank statements
    • #1
    • 15th Jun 17, 7:39 AM
    New mortgage - 3 bank statements 15th Jun 17 at 7:39 AM
    Hi, looking for a bit of reassurance.

    We're looking to borrow 110k on a property on sale at 210k (though valued at 220k). We've both got an excellent credit history (no debt except my student loan) and have never failed to make a payment on our current (100k) mortgage in the 4 years we've had it.

    However, my concern is on the last 3 months bank statements. These have been a bit disastrous as we've spent more than we've earned. Not by a lot (say a couple of hundred pounds each month). This has been due to doing up the house to sell, a very large vet bill, fair few takeaways (so we can get on with tidying/fixing stuff in a the house) and paying for insurance on a second car we just bought (outright, no credit). I have almost £30k in savings so we've never struggled. We tend to dip in and top the savings back up.

    Has anyone got any experience of how the bank's look into the statements? I've done a few of the affordability calculators and they suggest we could gain a mortgage upto £160k.
Page 1
    • amnblog
    • By amnblog 15th Jun 17, 8:36 AM
    • 9,868 Posts
    • 3,822 Thanks
    amnblog
    • #2
    • 15th Jun 17, 8:36 AM
    • #2
    • 15th Jun 17, 8:36 AM
    If you stayed in credit (or within agreed overdraft limits), these recent Bank Statements will not cause a problem due to recent spending.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • charco
    • By charco 15th Jun 17, 8:48 AM
    • 39 Posts
    • 14 Thanks
    charco
    • #3
    • 15th Jun 17, 8:48 AM
    • #3
    • 15th Jun 17, 8:48 AM
    Thanks.

    Yes, never gone into my overdraft. What I've basically done is spent the money on paint, new kitchen doors etc. and then transferred from savings where required to cover the cost. Now we've sold (hooray!) I can start to top the savings back up a bit.
    • amnblog
    • By amnblog 15th Jun 17, 8:54 AM
    • 9,868 Posts
    • 3,822 Thanks
    amnblog
    • #4
    • 15th Jun 17, 8:54 AM
    • #4
    • 15th Jun 17, 8:54 AM
    Even with the regulator breathing down their neck, Lender's are 'not yet' declining mortgage applications due to a visit to B&Q
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • charco
    • By charco 15th Jun 17, 9:03 AM
    • 39 Posts
    • 14 Thanks
    charco
    • #5
    • 15th Jun 17, 9:03 AM
    • #5
    • 15th Jun 17, 9:03 AM
    Hey, not just B&Q. I went to Homebase, IKEA and a fair few eBay purchases too ;-)
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