Bank statements

catoutthebag

What is the concensus on these - how many months of these does one need to provide

A) self employed
employed
C) do they go through & question you on each transaction as that is quite intrusive...ie 'that was quite an expensive holiday booking' etc
D) my gf & I have separate & joint accs. We put in x amount each into our joint acc from our salary current accs & from that joint acc comes out : council tax, rent, food & bills. Are showing statements for just the joint acc sufficient?

Nb: I've been s/e for 5years & she's employed. Looking to buy in 6-12months with 20% deposit

Asking as I'm making early preparations

Only debt I have is student loan. Only debt she has is £1k on cc which will be paid within 6 months

All the besr

GMS

You may no need to supply bank statements. If required it could be as many as they require.

They may ask for 1, find items on there and request additional.

Bank statements can back up the application form or discover undisclosed items.

Ensure you are 100% honest with the application. For your gf make sure the salary credits match the payslip.

Ensure you declare any credit commitments even if it is a credit card which is paid off each month.

Do not bounce any direct debits or cheques. Stay within agreed overdraft limits or better still don't go overdrawn.

Lender more likely to want to see bank statements with salary credit going in and your day to day account rather than a bill account though they can request any information they want at any time.

Make sure you have 3 years SA302's for your income. If you don't have them request from Inland Revenue in plenty of time.

Are you going direct to the lender or using a broker?

Paully232000

We had to provide 3 months bank statements and three months payslips (both employed).
Didn't have to show our joint account statement (we do the same as you) it was just to show our salaries going into the personal accounts. Nothing about spending on luxuries like holidays, cash machine transactions, presents etc

Didn't ask any other questions about money going out of the account other than our personal budget planner we had to complete.

leccyblue

I think the standard request is for three months. That's what we were asked for, and it was for all current accounts held, not just our joint account. They will see any current accounts you have open when they credit check you - so if you don't supply statements for all your accounts from the outset, you will be asked for them later.

I've seen plenty of posts on here where applicants have initially been asked for three months - only then to be asked for six months. I guess this is down to personal circumstance i.e. how strong (in their eyes) your application is, and whether they see anything in the statements that concerns them.

I think it is also fairly standard practice to be asked for additional statements (and payslips) that are produced between receiving your formal mortgage offer and completing on your purchase.

Paully232000

leccyblue wrote: »

I think the standard request is for three months. That's what we were asked for, and it was for all current accounts held, not just our joint account. They will see any current accounts you have open when they credit check you - so if you don't supply statements for all your accounts from the outset, you will be asked for them later.

I've seen plenty of posts on here where applicants have initially been asked for three months - only then to be asked for six months. I guess this is down to personal circumstance i.e. how strong (in their eyes) your application is, and whether they see anything in the statements that concerns them.

I think it is also fairly standard practice to be asked for additional statements (and payslips) that are produced between receiving your formal mortgage offer and completing on your purchase.

now you say that yes, our mortgage approval process took us past the fourth paydate and the mortgage company then asked for a fourth bank statement and payslip.

GBNI

I was asked to provide 3 months bank statements and 3 months payslips. I have now changed to the bank that I am getting my mortgage with, so no need to provide extra statements but they have asked for further payslips. (I was first applying for a mortgage in April, so they have pretty much the whole year's worth of payslips )

theEnd

Just been through 2 applications.

Only ever asked for a couple of months bank statements and 1 months payslip. Both wanted 3 years of company year end accounts. Second application wanted 3 years of SA302s, but very easy/quick to get from HMRC.

catoutthebag

Thanks all! Guess I was off put by a possibly exaggerated story elsewhere about someone who earns a fair amount I believe, but getting interrogated on every transaction (they were London based)..but seems quite straightforward now

leccyblue

catoutthebag wrote: »

Thanks all! Guess I was off put by a possibly exaggerated story elsewhere about someone who earns a fair amount I believe, but getting interrogated on every transaction (they were London based)..but seems quite straightforward now

We thought exactly the same as you before hand, again after having read some horror stories. Our concern was that as soon as we are paid, we move a significant amount of our money to other accounts. House deposit savings account, individual 'slush' accounts, savings account for central heating fuel, savings for gifts, savings for holiday etc. I posted a question here and someone recommended writing against these transactions to explain what they were. We did this (only on one months of statments) so they could see where money was going. I'd like to think this made a difference given we weren't asked any questions! This was with First Direct.

Hope this helps!

catoutthebag

leccyblue wrote: »

We thought exactly the same as you before hand, again after having read some horror stories. Our concern was that as soon as we are paid, we move a significant amount of our money to other accounts. House deposit savings account, individual 'slush' accounts, savings account for central heating fuel, savings for gifts, savings for holiday etc. I posted a question here and someone recommended writing against these transactions to explain what they were. We did this (only on one months of statments) so they could see where money was going. I'd like to think this made a difference given we weren't asked any questions! This was with First Direct.

Hope this helps!

Didn't think of that, we do the same, so great tip!