General Application Questions

bobobalde

Hello Friends,

I have a question which I wondered if anybody could shed some light on.

My wife and I are about to apply for a mortgage (via a broker) on a house which we really like, that is at the top end of what any 'how much can I borrow' calculators say we could be allowed.

I have my main bank account (which my wages go into) and I have another account which is for 'treats' - for want of a better word, I have a savings account and I have a joint account with my wife.

Each month my wages go into my main account, then I pay a large chunk into the joint account I have with my wife (for mortgage, gas, electric, nursery fees, etc), I pay £250 or £300 (varies month to month) into a savings account, then I pay anything left over (normally between £100 and £150) into my treat account.

The treat account is basically used on an eclectic mix of PS4 games, betting on some 'hot tip' of a horse that a friend of a friend has been told comes 'straight from the stable boy', any other generic Electronic gadget, essentially if you go onto Hot UK Deals and find all the 'bargains' that you honestly don't need, that would sum my treat account up (perfect example, I bought a Tassimo machine last week because they had an offer on, but I don't even particularly like coffee!). Having said that, I never over-spend on the account, never go into the overdraft, but if you looked at the statement I have no doubt it wouldnt look pretty.

My question is, when I go for this mortgage, will they only need to see my main account statement (where my wages go) - or will they want to see this treat account as well (in which case I will shed a tear). Will they be wary because my main account balance is nil by the end of each month as I pay out into these 3 other accounts (joint, savings & treat)?

Thanks.

GMS

If you are really concerned then suggest the broker looks for a lender who does not require bank statements.

Generally bank statements will be used to check salary credits, ensure no undeclared credit commitments and ensure good financial management. Even if they looked at the 'treat' account they may well not be bothered. Spending money isn't barred and the odd flutter is fine.

Good luck

bobobalde

That's reassuring, thanks for replying.