Mortgage app - bank statements

dfw1980

Hiya, me again :-)
Just a quick question for all you brokers..
On average, how may months worth of bank statements am i expected to produce during a mortgage application? And what specificlly are you looking for?

Me and my girlfriend are going to start looking in the new year so just looking to prepare for a good outcome:)

inmypocketnottheirs

From experience id say 6 months, no bounced or refer to drawer items, no excess charges and incomings commensurate with what is being stated.

dfw1980

inmypocketnottheirs wrote: »

From experience id say 6 months, no bounced or refer to drawer items, no excess charges and incomings commensurate with what is being stated.

Thankyou :-)

Annisele

You also want to make sure there's nothing on them that would spook a lender. So, nothing that suggests you're a gambling addict (a small flutter is OK; half your salary is not), not living constantly in your overdraft, nothing that just looks plain odd (eg paying for childcare when you've told the lender that you don't have any children).

kingstreet

If you're a tenant, you may wish to evidence your rent payments using twelve months' banks statements, rather than have the lender ask your landlord for a reference.

Not all lenders ask for evidence of rent payments, but those that do often want twelve months' worth.

FTBSOS

I believe most lenders ask for three months, and not 6 months worth of bank statements? could be wrong.

dfw1980

Thanks for all the replies :-)
Yes im a tennant. The rent comes from my girlfriends account and i transfer half to jer every month..likewise with some of the regular bills lile council tax.
I dont have an overdraft facility so im always in credit. Since paying off my creditors ive had a surplus £1000 every month so have been squirreling that away into a savings account every month along with any surplus cash at the end of each month.
Maybe im just over worrying because of my history but as it stands, im in a secure job with NO debts so 6 months of good clean bank statements come January isnt goint to be a problem :-)

macarena123

The lender may only want to see 3 months of statements but it's a good idea to have at least 6 months to hand. That way if they want them you can submit them - if not, no harm.

When I went to my broker I also brought along
- Payslips (at least 6 months)
- P60's - I actually had 3 years worth because of self-assessment, but at least your last year's one
- Council Tax bill
- Utility bills
- Most recent credit card statements

That was a bit overkill but at least it meant that my broker had what he needed and my lender didn't have to come back with more questions

Building_Surveyor

If your using a broker I would just give them everything they may possibly ask for from the beginning. That way you've got all angles covered to avoid unnecessary delays.

gilly33

Looking at making an application with precise and they need 3 months bank statements. My concern is that they will see I'm always going into my overdraft each month, although it gets paid back every month. So before I do I'm thinking in cutting back on my spends for the next 2-3 weeks. Will this make a difference? I got knocked back recently for a number of reasons one of them was because of me over paying on a credit card ( big chunk went out of my account ) and the fact I was in my overdraft so they looked at it as if I was struggling. All though there was some big payments being made I also made sure that I transfered money back into the account from another to cover it. I just dont want another rejection.

Thrugelmir

dfw1980 wrote: »

Since paying off my creditors ive had a surplus £1000 every month so have been squirreling that away into a savings account every month along with any surplus cash at the end of each month.

Did you default in any way?