Redacting Bank Statements?

Conor01

Hi Folks,

I am in the process of remortgaging with our building society and my wife and I have been asked for proof of income for salaries (in the form of salary slips) as well as proof of Child Benefit for our 3 kids (in the form of 6 months banks statements). I supplied the salary slips as requested and asked my bank to provide a single page proof of income for the Child Benefit detailing dates and amounts paid in to our account - this was to save printing off and sending around 40 pages of statements. The building society have come back to me to say that the statement of income for the Child Benefit from the bank is not adequate and they want a single months bank statement, which I am happy to provide. However, in the interests of protecting my own personal data I want to redact all of the transactions from the statement with the exception of the CHB payments. Is this a reasonable approach or should I avoid this?

betmunch

I would avoid it.


If they get the feeling you are trying to hide something from them they will at best re-request the bank statements. At worst decline the case.

Conor01

Cheers Betmunch. That was my concern.

missis_amber

I thought they used the bank statements to look at your outgoings to so they could assess whether you could realistically pay the mortgage? So eventhough your salary might be decent you could be going out spending £1000s on clothes each month. And seeing your bank statement allows them to assess affordability. But I could be wrong.

kingstreet

missis_amber wrote: »

I thought they used the bank statements to look at your outgoings to so they could assess whether you could realistically pay the mortgage? So eventhough your salary might be decent you could be going out spending £1000s on clothes each month. And seeing your bank statement allows them to assess affordability. But I could be wrong.

Most lenders use ONS stats for outgoings and use bank statements only to second-check income receipt and to look for big regular outgoings such as childcare, credit, maintenance etc.

missis_amber

kingstreet wrote: »

Most lenders use ONS stats for outgoings and use bank statements only to second-check income receipt and to look for big regular outgoings such as childcare, credit, maintenance etc.

Thanks that really useful to know. I've just applied for a remortgage but the past two months I've had more spending than average due to buying a new car (new road tax, MOT, insurance) and then I had some work done on the house. I am worried that the bank will see this on the bank statements they've requested and think that I'm a crazy spender when I am far from it. I've attached a note explaining this but am still worried. All the regular outgoings are always the same. Do you think this will be an issue?

kingstreet

It's not normally.

It depends on the lender.

If you're using HSBC or Yorkshire Building Society group they are the ones most likely to have an issue.

Most don't.

Conor01

I can understand them doing this, but I would feel misled if they did use it as a method to check other outgoings as they explictly stated their requirement for the statement was for proof of Child Benefit Payments. This was why I was a bit puzzled as to why they would not accept a letter from the bank confirming receipt of payment over a 6 month period.

Anyhoo, doesnt matter now as I've sent off an unredacted statement!

Thanks.