What does Underwriter look for in Bank Statements

catflapuk

Hi,

as the title says. I know they will cross check the info from the application form, i.e. whether I really have no debts/direct debits, the salary is what I said it would be etc.

Do they also look at larger (£500) one-off outgoings/bank transfers ? I worry they will want an explanation from me as to what I used the money for. My statements are squeaky clean and I still have around £1,000 of funds each month when my salary hits my account. I also have a savings account where I hold my deposit. They have a statement of that.

gazter

catflapuk wrote: »

Hi,

as the title says. I know they will cross check the info from the application form, i.e. whether I really have no debts/direct debits, the salary is what I said it would be etc.

Do they also look at larger (£500) one-off outgoings/bank transfers ? I worry they will want an explanation from me as to what I used the money for. My statements are squeaky clean and I still have around £1,000 of funds each month when my salary hits my account. I also have a savings account where I hold my deposit. They have a statement of that.

I think it depends on the ltv value, is a 95% ltv, and they are looking at everything, and how close you are to the affordability criteria.

We had a very low LTV (63%) but our borrowing multiples was just outside their criteria. They went through every line on my statement and wanted an explanation...

Mine looked like i had an online gambling problem. With three bookmakers on my statement, totalling about £160. But that was my annual flutter on the grand national... I explained ...

They must have believed me as i got the offer.

catflapuk

OK Thanks. My LTV is 35% (shared ownership). I put down 10% deposit and am looking to borrow around £82,000, which is 2.4x my salary, which is low too. I have an excellent credit report and credit history (used CC but always paid back on time), so never missed payments, never go into overdraft and still have lots of money left each month.

opinions4u

Charges.

Gambling transactions.

Payday Loans.

Is your balance the day before pay day lower each month than the preceding month by anything significant.

Unusually sized direct debts.

Payment to debt collection firms.

Any payments not disclosed on the application form, such as loans or maintenance.

Large credits from third parties (borrowed deposit).

gazter

catflapuk wrote: »

OK Thanks. My LTV is 35% (shared ownership). I put down 10% deposit and am looking to borrow around £82,000, which is 2.4x my salary, which is low too. I have an excellent credit report and credit history (used CC but always paid back on time), so never missed payments, never go into overdraft and still have lots of money left each month.

Doesnt sound like you should have many problems, i would have thought a few lenders would be keen to do business. A case of fishing out a good deal.