Applying for Mortgage: statement query

csgohan4

Just wondering for those who have applied for a mortgage post MMR have come in.


Did they require copies of statements for ALL your accounts on file on your credit report like current and credit card accounts?


Lets say you have two current accounts and you funnelled your spending into the spare one and had minimal spending on your main account where your salary would come in.

hieveryone

csgohan4 wrote: »

Just wondering for those who have applied for a mortgage post MMR have come in.


Did they require copies of statements for ALL your accounts on file on your credit report like current and credit card accounts?


Lets say you have two current accounts and you funnelled your spending into the spare one and had minimal spending on your main account where your salary would come in.

This is a good question and I'll be watching the answer closely. I'm close to applying for a mortgage and they've only asked for the account where my salary goes. I do have a 'spending' debit card which is for my spends.

ACG

Lenders want to see your income and expenditure.
I would suggest supplying both lots of statements to avoid any delays. Also, if you only supply one lot of statements it might look like your trying to hide something.

Contemptuous

Not all lenders ask for bank statements as standard.

GreatheadShield

We as a couple run 4 current accounts (May seem like overkill but it helps us with our budgeting) and the broker wants 3 months of statements for all of them. I guess they will be looking off any payday lenders/gambling and the like!

csgohan4

GreatheadShield wrote: »

We as a couple run 4 current accounts (May seem like overkill but it helps us with our budgeting) and the broker wants 3 months of statements for all of them. I guess they will be looking off any payday lenders/gambling and the like!

Thanks for the reply, seems every mortgage broker will be different but will assume the worse and they will ask for all statements from your credit report. Shame but I was hoping in shaving off stuff for the multiplier like sky and few minor things.

ACG

Its not a case of assuming the worst. My license is at stake which is basically how I support myself and family.

People "forget" about commitments or "didnt think we needed to know" about other commitments.

Would you rather we pick it up at the outset or down the line once valuation fees have kicked in and you have set your heart on a property?

Just to add - Most lenders use ONS figures rather than your individual figures so its unlikely to make a huge difference.

kingstreet

I don't know anyone who asks for credit card statements.

You will normally be asked for three months' current account statements and proof of deposit.

notmyrealusername

kingstreet wrote: »

I don't know anyone who asks for credit card statements.

You will normally be asked for three months' current account statements and proof of deposit.

Would this be the case if ALL day to day spending was on credit cards to maximise cashback?

Eg My wages (say 2k for ease of maths) go in to current account, utility bills/rent of £900 come out of same current account the same day leaving £1100.

I spend £1100 in dribs and drabs on the credit card, I transfer over £1100 in the same sized dribs and drabs from current>savings account ready to pay the credit card bill. When credit card bill comes in I transfer the £1100 back from savings>current and pay bill in full.

If the lender was not to see credit card statements in my case they couldn't see what I spend my money on, which I thought was a requirement nowadays?

kingstreet

No. Most lenders use ONS figures, they don't analyse every penny you spend.

The ones that do, ask you to complete a budget planner. They don't scrutinise your bank statements for every penny.

Bank statements are mostly used to check for undisclosed credit/childcare/maintenance etc and to ensure salary credits into the account match the payslips.

notmyrealusername

kingstreet wrote: »

No. Most lenders use ONS figures, they don't analyse every penny you spend.

The ones that do, ask you to complete a budget planner. They don't scrutinise your bank statements for every penny.

Bank statements are mostly used to check for undisclosed credit/childcare/maintenance etc and to ensure salary credits into the account match the payslips.

That's great thank you, I've never applied for a mortage before but from reading posts on here people have been asked to explain small transactions going in/out of their accounts. Obviously they need to be satisfied that your incomings/otgoings can sustain a mortage but some of the posts on here seemed ridiculous, eg querying a £30 transaction!