Last 3 months of bank statements check

inzimam

Hi All,

My mortgage application is almost through, subject to me providing my new employment contract and 3 months of bank statements.

I haven't been overdrawn and have had at least £500 in my account most of the time. I have recently started trading CFDs and shares and so I have a number of payments out for funding this. My salary has been paid into this account and my renta payment (which was twice my estimated mortgage payment) has gone out without an issue.

I have my deposit in a separate account and in an ISA which I will obviously cash when needed.

My question is, does it matter to the mortgage lender where I spend my money as long as I am on top of my bank account and have never gone into overdraft or had late payments on any other finance (credit card)?

Thanks in advance

dimbo61

Not really unless they are concerned that you spend half your income each month with BETFAIR!
Even less if you have a good deposit and steady job/income

inzimam

Haha, yeh.

I didn't think they should care where you spend your money as long as you have enough to cover your out goings.

Anyone had an experience of being rejected because of what was on the bank statements?

Kimberley82

would the fact we use our over draught every month be bad for this?

inzimam

From my reading on the internet, my understanding for why they require bank statements is to check that you're not scraping at the bottom of the barrel every month. If you're just dipping in your overdraft to help with timing and bill payment dates then I think it should be fine. I guess if you're using your overdraft as some sort of on going finance then they may question your ability to repay a mortgage.

Hopefully someone with some actual experience on the matter will respond.

Wh05apk

Doesn't matter where you spend your money, but lenders just like to have a laugh when they see "Ann summers" "playboy chanel" etc on your statements!

As has been said, it is simply to confirm your salary, and ensure your accounts are well managed.