Mortgage affordability checks

souaden12

Hello everyone.

I wanted to ask a question regarding the "affordability checks" mortgage lenders/underwriters carry out with my mortgage application.

While looking online, I have read several articles about how lenders will look at my bank statement and check my spendings/expenses etc to make sure I can afford the monthly payments of the mortgage.

My situation is that in the last couple of months my spendings increased due to going on holidays, and some other personal expenses. This money has come out from the same account where my salary gets paid into. However, in this account I have a large saving, and all my spendings (holidays etc) are actually just coming out of this saving. However, since the savings are in the same account as my salary, it may not be immediately obvious to the lender that I'm spending from my savings mostly, rather than my salary.

My question is do you think that the lender will take the savings into account when checking my affordability? Rather than assuming the money is coming off my salary?

Thanks in advance.

souaden12

Thought I'd bring this up again if anyone has a reply.

Thanks

amnblog

Not sure what you are asking - nor why you do not just contact your mortgage advisor with these queries?

souaden12

amnblog wrote: »

Not sure what you are asking - nor why you do not just contact your mortgage advisor with these queries?

Well is it not obvious what I am asking? To clarify, I am asking to query if my spendings that show on my bank statement will affect the mortgage decision. Is there an issue with that question which I am not seeing?

kingstreet

Your application has already been submitted, so presumably someone has decided the case fits affordability and criteria with that lender.

I think that's why amn finds it an odd question, as it should have come earlier and to the person concerned.

Valuation is automatically instructed on submission of application to Halifax.

souaden12

kingstreet wrote: »

Your application has already been submitted, so presumably someone has decided the case fits affordability and criteria with that lender.

I think that's why amn finds it an odd question, as it should have come earlier and to the person concerned.

Valuation is automatically instructed on submission of application to Halifax.

Thanks for your reply. I just forgot to mention it to the mortgage advisor at the time, and thought I'd get a second opinion from you to make sure I haven't missed telling the mortgage advisor a major thing, such as my question.

Thanks again.