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Mortgage Cover Letter
richieandfay
Posts: 43 Forumite
I have a mortgage in principle and now completing the final application after our offer on a property was accepted.
Should I write a cover letter to support my application to explain the following points:
1. My income gets paid into different accounts as i have one for bills and the other for miscellaneous.
2. I recently cancelled my overdraft which does not show on my latest bank statement.
3. Also, I will obviously not be spending as much on leisure if I have a mortgage to pay.
I have to provide 3 months bank statements and 3 months payslips.
Any advice would be great, thank you
Should I write a cover letter to support my application to explain the following points:
1. My income gets paid into different accounts as i have one for bills and the other for miscellaneous.
2. I recently cancelled my overdraft which does not show on my latest bank statement.
3. Also, I will obviously not be spending as much on leisure if I have a mortgage to pay.
I have to provide 3 months bank statements and 3 months payslips.
Any advice would be great, thank you
0
Comments
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No.
Never supply anything you have not been asked for.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you amnblog. Just thought that if I explained that my overdraft is no longer in use (cancelled) that I would stand a better chance of a positive decision.0
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Explaining anything in a letter gives you a better chance of more questions being asked.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you for your advice0
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The level of micro-management you think you need to employ to get a mortgage is around 97% less in reality.
Systems are mostly automated and have no ability to accommodate an off-piste gesture which is highly likely to have no impact whatsoever.
Our clients are usually astonished when we explain to them systems are a lot broader and more forgiving than they would expect.
A default six months ago for £2,000 is a big scary marker for a lender. Having used your agreed overdraft by £12 thirty six days ago pales into complete insignificance.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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