Should I reveal all my savings to the lender?

VN1975

Hi
We are a prospective FTBs, looking for a lender.
Credit history is clean, Credit score in excellent, willing to put down a deposit of 30-40%.
As advised by my friend, I decided to do market research myself, looking for a best mortgage offer.
However, the BS with whom I have an appointment next week, have asked me for a print out of all savings. This is in-addition to payslips, P60, bank statements, credit card statements, proof of address and employment.
Isn't he asking for TMI or am I just paranoid?
I have nothing to hide as it is our savings over the last 8 years and is completely white (in British Banks, of course!!!).
Please help
Thanks
:beer:

princeofpounds

Think you are a bit paranoid!

No, they are not being silly. Variously:

A) they have anti money laundering obligations, which under most interpretations require an actual degree of understanding of the customer's funds.

the amount of genuine equity you have as a backstop is a key part of your credit worthiness

C) and most banks do have potential profitability considerations when extending products as well, such as cross-selling potential, but frankly in this instance it's probably the least important factor.

gazter

VN1975 wrote: »

Hi
We are a prospective FTBs, looking for a lender.
Credit history is clean, Credit score in excellent, willing to put down a deposit of 30-40%.
As advised by my friend, I decided to do market research myself, looking for a best mortgage offer.
However, the BS with whom I have an appointment next week, have asked me for a print out of all savings. This is in-addition to payslips, P60, bank statements, credit card statements, proof of address and employment.
Isn't he asking for TMI or am I just paranoid?
I have nothing to hide as it is our savings over the last 8 years and is completely white (in British Banks, of course!!!).
Please help
Thanks
:beer:

The more information they have about you, the more informed their decision. The better your financial situation the better the risk for them, and possibly the lower the rates for you. All of the above i would expect you to have to show at some stage in the process.

Red-Squirrel_2

No don't worry about this, the lender needs to know your finances as intimately as you do yourself I'm afraid. I think it feels a bit weird and uncomfortable to us Brits even when you've nothing to hide, but its perfectly legit when you're asking them to lend you tens or hundreds of thousands.

If an estate agent ever asks you for all that information though, don't feel obliged to share!

the_wheels_have_fallen_of

Its completely normal. If you dont provide them this information, they more than likely wont make you an offer on a mortgage... If there's nothing to hide, then there's no need to worry .... Personally, I would be thrilled to show any prospective lender that I had a 30-40% deposit !!! As someone else said, it shows credit worthiness. At the end of the day, all the Mortgage Lender wants to do is ensure that they get their money back and that you have the sufficient funds to honour that !

kingstreet

A lender will usually be happy with evidence of the amount you have said you will use as deposit.

Then it will checks sources and recent credits. If you have moved money between accounts, provide three months statements for the transferring and receiving accounts to be on the safe side.

Nationwide is being particularly hot on this at the moment...

movilogo

You don't have to reveal all your savings. As long as you can show proof of deposit + little bit more (say 10-20%) that should be alright.

VN1975

Thanks guys. Appreciate your help/suggestion.
God bless all.
This is my first step towards our abode and I am on my own when it comes to dealing with financial situations. My partner is helpful with other things but not finances.
Thanks again

Red-Squirrel_2

VN1975 wrote: »

Thanks guys. Appreciate your help/suggestion.
God bless all.
This is my first step towards our abode and I am on my own when it comes to dealing with financial situations. My partner is helpful with other things but not finances.
Thanks again

Separate issue, but its not the best idea for one half of a couple to be clueless about the household finances. Even if you take the lead and do most of the planning, they should know what's going on and know how to manage the basics in case there's ever an emergency and you are unable to.