Mortgage affordability checks

Squiggles86

Hi,

Can anyone please tell me what the mortgage affordability checks entail? Our fixed rate comes to an end next year and we're preparing our finances for lender checks in advance. Specifically we have a couple of bank accounts. One is our main current account for bills, salary etc and the other we transfer £400 a month for spending money. Will lenders want to see statements for both or just the main current account? Also how many months statements are usually required?

Thanks

Contemptuous

Do you have concerns?
Not all lenders will ask for bank statements. Some will only ask to see them if you're using them to evidence income (such as child benefit).
The affordablility checks mostly involve taking details of your income, expenditure, and a stress test to check you could still afford the mortgage if the rates were to increase.

Squiggles86

Oh ok. Thanks for your reply. No concerns really. We save my whole salary every month so affordability shouldnt be a problem. My husband does use betting sites for free match betting and no lose offers so I'm a little wary that this might be looked upon badly but I suppose we could just avoid doing this in the months leading up to any application.

The last time we applied for a mortgage was in 2012 and things have changed a bit so I just wanted to get a feel for the application process as it is now.

Thanks