Documentation required for a mortgage

jhyt89

Hi

Could anyone share their experience in terms of the documentation required?

How many months of payslips from Nationwide?

How many months of bank statements from Nationwide?

Work contract?

Etc.

Thanks.

libf

Depends on the case. Broker had me give him 3 months worth of bank statesments and payslips and my last P60 for my application with Nationwide, but at DIP stage they only requested latest payslip and bank statement.

jhyt89

how important are bank statements do you reckon? Would they look into every detail of your spending and the type of spending, e.g. small deposits of single digits for gambling?

libf

No idea. Use a broker if you think you might have issues with getting an offer.

HappyMJ

jhyt89 wrote: »

how important are bank statements do you reckon? Would they look into every detail of your spending and the type of spending, e.g. small deposits of single digits for gambling?

Some banks say instant decline if there is evidence of gambling.

I was setting up a second current account for my OH to use just for gambling and the HSBC said no they wouldn't allow it and if she did use her main current account for gambling then the bank would not offer her any credit facilities. She opened a TSB account and uses that for gambling. She will not produce those statements for a loan or mortgage.

Me...I earn most of my money from gambling and turn over well over £10,000 every month and it all appears on my bank statement. I get 8 pages every week from the bank. I have another account if the bank ever requests copies of bank statements which shows some credits and debits but no gambling transactions.

jhyt89

HappyMJ wrote: »

Some banks say instant decline if there is evidence of gambling.

I was setting up a second current account for my OH to use just for gambling and the HSBC said no they wouldn't allow it and if she did use her main current account for gambling then the bank would not offer her any credit facilities. She opened a TSB account and uses that for gambling. She will not produce those statements for a loan or mortgage.

Me...I earn most of my money from gambling and turn over well over £10,000 every month and it all appears on my bank statement. I get 8 pages every week from the bank. I have another account if the bank ever requests copies of bank statements which shows some credits and debits but no gambling transactions.

But would they not ask to see statements from your main account? So if it was a second account, it'd be quite obvious that I was hiding something?

Also, I'm not worried about being declined as apart from a few quid of bets every week, I have a perfect credit history.

Just wondering if betting/gambling is frowned upon. I see it as no worse than spending money on the lotto for example. I see myself as a responsible gambler.

jhyt89

So to better phrase my question, would I need to provide bank statements for every current account I have or just the account my salary goes into, even though the only transaction is my salary going into that account and out to a different current account and nothing else.

libf

If the only transaction is your salary going in and out then I would imagine that they will also ask for the statements of the other account. They don't just look for your salary, but also other commitments such as loans and rent/mortgage payments.

kingstreet

Every lender is different.

Sometimes the same lender will have different requirements because of loan to value or credit score so one person's experience of lender A may differ from another's experience of the same lender.

More and more we are getting questions where a generic answer is requested on the assumption every lender does things the same way.

Some lenders don't ask for bank statements. Some will ask for bank statements for salary mandated account, see transfers to and from other accounts and will want statements for them too.

If you need to take a specific approach, get specific advice on your individual circumstances from an independent broker and plan this properly.