Preparing for a mortgage

al86shaw

Hi there.

Wondering if some of you can offer a bit of advice. Right now I have my wages come into one account, but all my bills go out of another.

Lets say my wages come into my Santander Account, and all my bills come out of my HBOS account.

Whenever I get paid each month, I just lift the lump sum which covers all my bills and move it to that account and it means I don't have to worry about that account until the end of the month and all my bills are taken care of.

I've been saving up and getting ready to apply for a mortgage but I know when they run all the checks on my accounts they would see my scenario of money into one account, transfer it to another immediately and let bills go.

Will this have an affect on my chances of being approved? Should I get my wages automatically go into the same account my bills come out of, and just transfer what doesnt get used into my everyday account (For shopping etc).

The only reason I do this is to keep on track of what I have to play with each month and the bills are already taken care of.

What do you all think?

Vyncenze

We do this as well - both OH and I have wages paid into our own accounts and then transfer the vast majority straight into our joint account. All our bills come out of this second account, it's easier to manage.

I assumed we could just send the bank statements for all the accounts - it should be fairly obvious to the mortgage lender what we're doing so I didn't think it would be an issue..

al86shaw

Thanks Vyncenze.

I thought that there was no way I could be the only person who does this. - If they asked for the statements, I have no issues providing all that. Its just got to the point where we've saved enough and getting ready to go for a joint mortgage maybe around the october time that we want to make sure we are set up correctly for a lender to look at our accounts and see that we can easily make the payments etc.

By getting my work to change the account my wages go into from this month on might have a better look than trying to show them the two different accounts.

I suppose its 50/50 really?

jetblack61

I would just ensure you've got statements from all accounts that are relevant.

My OH and I have just bought and when we applied for our mortgage, we showed anything that was being used. We have a joint account to pay for bills etc, but our salaries go into our own personal accounts. We have SO set up to 'pay' the joint account a set amount each month that covers bills etc, leaving our personal accounts, just that - personal, and free for us each to spend anything that's left in them.

The mortgage company will just want evidence of what you've got coming in and what you've got going out in order that they can satisfy themselves that you can afford to pay the mortgage every month.