Bank Statements

kriss_boy

Mortgage lender have asked for bank statements to show evidence of my pay and deposit. (I now bank with santander).

Trying to explain to them that I got a promotion in early april, but wont get the pay rise (albeit backdated) until my July could be tough. I work for a local authority and the HR team are slow!! I also worked a lot of overtime that will also go on my July pay (a few days after the exchange.)

It occured to me I could simply max out the wife and Is overdrafts on our old Bank of Scotland current accounts.

Would the lender find this out? The £1,500 would be a buffer to make the exhange less stressful, with my July pay coming a few days later with my new pay, overtime, and all backdated from April

I have 3 current accounts- but the lender has only asked for my main account bank details for the mortgage application.

JimmyTheWig

kriss_boy wrote: »

Trying to explain to them that I got a promotion in early april, but wont get the pay rise (albeit backdated) until my July could be tough. I work for a local authority

Do you have anything in writing about this pay rise?
I would like to think that a letter from a local authority stating your current pay (and that it will be backdated) would be sufficient evidence for a mortgage company.

It occured to me I could simply max out the wife and Is overdrafts on our old Bank of Scotland current accounts.

Would the lender find this out?

The lender will credit check you at some point, maybe more than once.
They will see the outstanding balance on the overdraft.
If you haven't declared this overdraft balance, they probably won't like that!

kriss_boy

Thanks for the advice.

Yes I have a letter from HR. It took 7 weeks to get it and it isnt even signed! Anyone could have typed it up really! Ive written notes on it to explain the situation- it does state my new grade and that it will be backdated.

I think I'll ask about an advance on my july pay. It gives us a healthy buffer for the exchange.

kriss_boy

In feb we had an 8 month plan! To sell, top up our deposit, then buy in September/October. We have a good combined income, and have saved a lot on the year since our wedding last summer.

The problem was that our house sold within 3 weeks.... then a few weeks later a house came up in a very small street that I've had my eye on since I was at school!

A row of quirky houses in the centre of town. We couldnt pass up the chance.

So mid july will be twitchy completion crescendo! Once we move in the mortgage is only a third of amount we've saved each month. Its just been the hurdle of raising the deposit quickly.

Thrugelmir

kriss_boy wrote: »

I have 3 current accounts- but the lender has only asked for my main account bank details for the mortgage application.

Does the main account show transfers in and out to the other accounts?

Thrugelmir

kriss_boy wrote: »

Yes I have a letter from HR. It took 7 weeks to get it and it isnt even signed! Anyone could have typed it up really! Ive written notes on it to explain the situation- it does state my new grade and that it will be backdated.

Suggest you provide Santander with the details so that they can obtain direct confirmation from the HR department at your place of work.

Yorkie1

3 years ago now, but NWide accepted a letter from HR when I was in the same position as you.