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Mortgage lenders criteria
michelle_omahoney
Posts: 5 Forumite
Does anyone know any lenders who don't ask for bank statements these days? Whilst I can afford my mortgage and have a lodger, my bank statements don't look too great these last few months and I've been dipping into overdrafts. I have an OK credit rating though! Just wondered if they ALL ask for statements?
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Overdraft usage will be detected from the Credit Reference Agency data supplied. So there's no hiding it.0
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Look at your credit report - what does it show your balance as?
Lenders will see this info.
Ignore the credit score, its worthless.
What is the LTV?
All lenders reserve the right to ask for them and most will request them especially at the higher LTVs.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Occasional use of a small approved overdraft will not be an issue. Bank statements are used so lenders can see unauthorised borrowing, unpaids, returned items etc.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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They MIGHT not ask if it was a low LTV mortgage and you scored highly on their credit scoring system.
But there's no point in trying to hide things from them, they've been lending money for a long time and know what they are looking for and where to look.Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
from what ive been reading on here last few months your bank already have what they need and if you apply for mortgage elsewhere min of 3 months statements atleast0
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I've got a 50% LTV, to be honest, they'd already previously asked for a payslip and said it was all a goer and I was asking to port and getting £25k paid off the mortgage, but when I "hypothetically" asked to know how much an extra £10k would be they said that would have to go to to underwriter who would then want 3 payslips, 3 bank statements etc...but I was only enquiring what the repayment would be, not applying! Then when I said I still only want £120k they said it was too late and it had all now gone to underwriter. But I've been with the company 3 years!!! A great independent lender now bought by one of the high street banks! I'm angry I'm being treated like a new customer!0
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michelle_omahoney wrote: »I'm angry I'm being treated like a new customer!
You are, every time you make a new application.0
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