Some mortgage questions re. income and bank statments

wearethedogs

Looking to become a first time buyer within the next 18 months so just doing a bit of early research. Two things that I am unsure about:


- How long do I have to be in a job for the income from the job to be taken into account?
I have just left my job to give myself 2 months off. Have a new job lined up in two months which is much better pay, so want to know how long I need to wait after starting until I stand a chance of getting accepted for most mortgages.

- Do most companies require bank statements? If so, how far back? Do they need statements for all of your accounts?
Main reason for asking is that I have quite a few bank accounts. As a Matched Bettor, some statements are full of online gambling companies, so may need to take so time of betting to clear my statements up.

Replies appreciated as always.
PD

ACG

How long do you need to be employed:
It varies from lender to lender, the minimum i know of is 3 months. Then more lenders kick in at 6 months and the rest at 12. I would say if you have 6 months then there shouldnt be a problem.

As for the betting, this can be an issue. I would say WELL before (6 months maybe) you actually apply stop the gambling, leave the balances of those accounts at nil and just say theyre open but not used anymore.

I dont think they will mind the odd flutter - grand national etc but if theyre seeing transactions daily for gambling theyre going to get a bit nervous and the last thing you want is a nervous underwriter (almost as bad as a nervous surgeon!).

Dont worry abou the employment, i would say in 8-12 months time underwriters wont have a concern about you having 2 months off so come 18 months it definately wont be an issue.

Wh05apk

Depending on LTV most lenders will just need 1 payslip, evenif you are on probation that may not be an issue. Some lenderswill accept a job offer letter.

Your statements are fine, I have NEVER nown a lender query any entries for betting etc.

wearethedogs

Thanks. Bit of conflicting advice here but I guess it just shows how different lenders can be. In terms of LTV, I would be looking at anywhere between 25-40% deposit depending on how long I wait and the price of the property I buy.

ACG

wh05 is probably more experienced than i am. But i have known lenders to not be happy with a lot of gambling. The odd bet here and there isnt an issue - i put a bet on who will be the leagues top goalscorer and who will win the F1 - things like that and the grand national, they wont have an issue with. If you have 10 a day coming from your account...even if your winning i think theyre going to ask questions.

The job bit, i agree a lot will be happy with 1 payslip but some will request 3 and a lot of lenders also want to know you have been in continuous employment for a certain length of time, 18 months down the line this wont be an issue but if it was a month after your 2 month break lenders will ask questions.