MSE News: Don't let online statements wreck mortgage and benefit chances

Gentoo365

On a related note. If you move house it is always a good idea to change to paper statements for the first 12 months. This is because you are more likely to fail automated checks and hence be requested to send in proof of address/ID.

I had a lot of hassle with Tesco (cards) recently who would not accept a council tax bill as it did not have my full name. Luckily I changed to paper statements due to a mortgage application and hence had something else to send.

Gentoo365

Also, yes the advice at the bottom probably is obvious to people on this forum. However it is worth remembering that many people in the UK are not quite so knowledgeable regarding financial matters, especially the validation procedures of mortgage lenders.

In fact the very first thing I would tell someone who is planning on applying for a mortgage is to start collecting evidence and documentation asap.

I would also tell someone to keep their statements 'clean' as much as possible, cut down on expenses and make sure that you can back up any of the questions asked during the 'affordability' part of the application. (e.g. if you think you can put £x for food & bills, prove it by living that way)

pseeker_2

my bank keeps offering me switching to "green account" with online and this topic is the main reason why i keep ignoring it.

serveral times i needed a "recent" statement at short notice.

obviously the main benefit is to the bank: no printing, no postage.

the only benefit to me is only less filing... and the downside is looming.

and this could be EASILY solved if banks made it clear and offered a simple, transparent way to obtain statements by mail.


And the irony of "not accepting printouts" is increasingly bemusing, even though I understand the logic behind it.

Gromitt

pseeker wrote: »

the only benefit to me is only less filing... and the downside is looming.

and less chance of fraud. Someone intercepting a bank statement in your name has a good chunk of identity for opening another account in your name. That can't happen if they don't post it to begin with

Superbiatch

My other half is having a nightmare with Natwest at the moment who won't accept his online statements and its jeopardising a mortgage application.

He has four accounts with Lloyds so bear with me, one normal current account and can get statements no problem. A savings account with statements that's also fine but not the one with the deposit in.

Then he has an old deposit account which only uses a book and has his name written on it (the account is over 20 years old) and this contains half the deposit, but they won't accept a scan or even the book as it has no identifying information on it! Lloyds will not give him a statement and are quite honestly unhelpful!

The same with his other savings account where the second half of the deposit is, he can download a statement but it will have no identifying information and according to the bank this years statement is not ready!

All the money came from his current account when he was contracting initially and then it was paid into a business account and transferred into his current account. So my point is his main bank and company accounts shows where the money came from and where it went to, should that not be enough?

Many thanks for any advice you can give as quite honestly we are fed up.

SB

jonesMUFCforever

Surely the best way would be to switch all of the funds from the passbook account into one of the other accounts?
The passbook account is probably paying diddly squat in interest.


.........Or ask to see a mortgage adviser at a Lloyds branch and see what they offer you!

JSR

There ought to be a better way in this day and age. NatWest have a system where, if you lose your card, they can give you a code allowing you to withdraw cash from an ATM. If they can do that then they can surely have a system where a code is generated which gives time-limited, read only access to your statements on line.

platterfish

UsetheFORCE wrote: »

Normally, they will accept a printout if it is verified by a bank stamp. This hasn't been an issue for either the DWP or various councils.

Regards

I used to work in a bank where we would certify online print outs after checking them against the system to ensure the information was correct. We would also send a postal duplicate, from feedback they always were accepted when certified.

pmduk

This isn't news, it caused me problems 15-16 years ago. I was able to overcome it by getting the branch to certify the copy. Perhaps the editorial team should start to read the forums. It's been discussed here several times.

DragonQ

The only time I've had a statement rejected it was actually one sent to me by my bank (I requested it specifically for this purpose). The same company accepted a statement print-out from online banking website.