Why do mortgage companies need to see bank statements

Pammy

Well I save between £500-800 a month and at the end of the month have around £300 left over.

I do spend right up to the wire but normally on silly things like eatting out, make-up, clothes. If I had a mortgage I would cut back. Do I really need to be sacrificeing my luxury, nice to have items for 6 months???

Mrs_Bumble

arenaman wrote: »

Is it possible to go through a remortgage without being asked for Payslips or Bank Statements? I haven't been asked for either. Solicitor says he has everything he needs, just need to complete.

Yes it is possible that you wouldn't need to provide bank statement, if they had been required it would have been pre-offer, you must have that if the solicitor says ready to complete, so don't worry

Mrs_Bumble

rj1000 wrote: »

Thanks for the replies.

I feared that it might be more than just checking for income....

Whilst I have a very good credit record and can easily afford the mortgage I want, I have been scraping my overdraft limit every month as all of my money has gone into paying off my credit card so that I could reduce my unsecured debt before taking on the mortgage.

Bit worried now!

Were you just dipping in to the overdraft rather than exceeding it?
As the underwriter has said they can see where the money went, so if it was to pay off other unsecured debt then they will see that. More about account conduct things returned etc.