A couple of first time mortgage questions

fund_manager

Hi all,

I'd really appreciate some guidance in applying for my new mortgage:

1. They have requested bank statements - am I able to redact for confidentiality the details of certain payees. I am happy to include everything except a few names. I should this is reasonable, but thought I had better check.

2. Student loans - do these adversely count against you?

3. On your expenditure chart, how accurate do you have to be? Also, it is a curious section since although it has lots of options it doesn't for example ask about car insurance premiums and things like that.

In case it helps, the application is a Natwest one.

Thanks very much

Senior_Paper_Monitor

1. Black out (or equivalent) any information and application will go in the bin - or, if you are lucky, you'll be told to grow up and hand full statements over.

2. They are taken into account for most lenders in terms of caclulating affordability

3. Different lenders have different requirements for what is reported in what groups (usually necessary to read accompanying notes) - they may allow for some items within a 'catch-all' component they calculate as 'normal expenditure'. Any budget can only be indicative on many items but they will look for it to be believeable - they will also check your declared busget against the abnk statements (which is one of several reasons why they won't put up with tampering with them).

Brokers and lenders have one basic rule ... full declaration (and they will decide what is relevant, not you).

sj17_2

Hi there....could u get a mortgage if it says in your contract...no normal hours and are in continous employment?