Mortgage application - bank account scrutiny

fredthefish

Hi,

I have been looking into mortgage application process for ages now (not actually applied yet) but still seem to find myself being asked for advice on these things, and some things I just don't know the answer to. One of the things which has come up is banks scrutinizing your incoming and outgoing bank statements during the mortgage application process.

Some things I've heard about which I'd like some confirmation or clarification on:

• Issues with lenders determining that one of the applicants has dependents (e.g. occasionally sending money to a family member as a favour)
• Issues if the bank determines that you are dependent on someone else (e.g. having occasional deposits from your parents in the past when struggling for money)
• Bitcoin being mentioned in bank statements (e.g. buying/selling purely out of interest in the technology)
• Otherwise unaccounted for sources of income (an extra undeclared source of money as a student e.g. eBay sales)

If anyone could advise that would be great please.

Thanks!

ACG

Every lender is different. Some will not mind the odd quirky transaction, others will scrutinise it to the n'th degree.

If you are going off what you have read on the internet, forget it. People tend to post their version of events. Lenders have their own version and the truth as ever is somewhere in the middle.

Its too complicated to narrow it down to "this is what a lender does".

fredthefish

Thanks. Are there lenders which are known to be less bothered about "quirky transactions" as you put it?

ACG

If I had a client who had transactions that I thought may be problematic, there are some lenders I would go to and some I would avoid.

Im not allowed to name lenders on here.

If you have a complication, whether that be bank statements or something else, run it by a broker. They work for you, nobody else. I realise it comes across as biased when combined with my signature but a decent broker is like a decent accountant or mechanic, they can end up saving you time and money.