Mortgage application and potentionally complex issues

Squid101

I am looking to see if there is some people out there with a level of experience who might answer my questions. Grateful for any advice.

Story so far. Been living on overdrafts and credit cards for a couple of years. Credit ratings not great before. Just came into so money, and paid off all credit cards, overdrafts, except one. Reduced limits etc. Now have approx. £25k deposit, plus a healthy balance.

I run two bank accounts. One wage in one and one in the other. Both good wages. Problem! I like (used) to gamble online, and have been doing this for a about a year. Stopped last week when realised it could be bad. These transactions come out of one account, the other is clean.

We want to buy a house, and need a mortgage, and there is a house I love and really want. Its in our price range, having checked the average mortgage available for our salary's and outgoings, and with the good deposit.

Can I take the clean bank account statement, and the payslips from the other account now. Whats the chances of getting accepted? OR will I have to wait three months and take both in?

I am extremely eager to get this right the first time, any advice would be much appreciated.

kingstreet

Visible gambling activity is an issue for some lenders, not for others.

If asked for bank statements, you will need to produce those which show your income being credited, as a check of the amounts on your payslips actually going into your account.

TBH I'd suggest choosing a lender which doesn't normally ask for bank statements. An independent mortgage broker would know who to choose/avoid in your circumstances.

Squid101

Thanks for your great response there

Do we know which banks look for the full set of statements?

I have two different bank accounts with different company's, i hope its the "clean" account cause they will offer me a bigger mortgage (assuming they do at all of course!).

kingstreet

Lenders who require bank statements require those of the account into which your salary is paid to enable a check of the payslip income.

There is no list of such lenders, hence the suggestion to speak to an independent mortgage broker.

EXPEDITE74

Hi Im in the same boat, Halifax declined me and they said "They were concerned that about the number of times i am using my overdraft when i am increasing my payments by £1000.00 a month (This was my mistake carelessly left it there for years and i forgot although i didnt really need it - Disabled it friday just gone!) and that I have a number of payments to gambling firms" - So they refused me.

Credit rating Excellent 999
Earnings were spot on no problem there so just them issues dissapointed my dream home.

Awaiting Monday 24th to come up to speak other options with my financial advisor.

Twiglet21

I would expect any lender to ask for the last three months bank statements for all accounts and most specifically the one your pay goes in to, along with three months payslips. I think Santander are the most lenient as it were, halifax are also quite good, I hear HSBC and its subsidiary firms like first direct are quite harsh...in fact, I know from experience. So what dan I suggest that's helpful? I would get a financial advisor now, they're mostly free as they'll make their money by getting you s mortgage and the bank will give them a cut so they're interested in getting you sorted. My FA was amazing and without him I don't know what I'd have done. Don't lie, certainly don't try to hide the account as they'll find it, trust me. Also be careful of applying in principal to lots of lenders to see who's most likely to offer you a mortgage, beware the national hunter system, every attempt will be logged on s national database created in the 90's so banks can seek out those who are desperate and who change the minor detail on the varying applications, you'll be found out. Good luck