PLEASE HELP mortgage advice

Benant123

Small_Yeti wrote: »

Go for it - the worst they can say is no.

Thanks think I will! It's to borrow 70k over 35 years. Not like it's a massive amount!

sheff6107

Well there's more to it than that. If they say no it will be marked on your credit file and lender 2 might automatically decline.

Ask your broker - they are your advisor.

Benant123

sheff6107 wrote: »

Well there's more to it than that. If they say no it will be marked on your credit file and lender 2 might automatically decline.

Ask your broker - they are your advisor.

Oh really? Okay thank you

whizzybee

I would speak to a broker, although I can only speak from personal experience and I don't gamble regularly (just occasional lotto tickets and scratchards). However my lender (santander) did scrutinise my transactions on my bank statements (I had to provide three months) and queried two regular payments to the place I work for my gym membership and a payment I make to be a member of my professional institution. Unfortunately it led to a slightly lower mortgage offer so at least Santander look at transactions

ultimatedingbat

whizzybee wrote: »

I would speak to a broker, although I can only speak from personal experience and I don't gamble regularly (just occasional lotto tickets and scratchards). However my lender (santander) did scrutinise my transactions on my bank statements (I had to provide three months) and queried two regular payments to the place I work for my gym membership and a payment I make to be a member of my professional institution. Unfortunately it led to a slightly lower mortgage offer so at least Santander look at transactions

I was ghoing to say the same. Santander have queried my union subscriptions, and our reneactment membership.

thegirlintheattic

Same here. NatWest queried lots of payments and outgoings, then discussed which could be stopped if we had to to pay the mortgage. This was when we were well within affordability and borrowing a low multiple.

nicmyles

Indeed - First Direct have also queried transactions during my mortgage applications (but with no impact on the eventual offer). Pretty much anything outgoing over £250, they at least asked what it was. Answers ranged from "holiday" to "home improvement" to "my pension". They didn't seem to care about any of it, though.

I believe all this is the result of changes to mortgage legislation a couple of years ago - more onus on lenders to stress-test affordability.

moneycantbuyyouhappiness

HSBC did with us too. Depending on your income too I don't think a lender would see £180 as a small amount.

always_sunny

Benant123 wrote: »

Hi All

My partner and I are in the process of buying our first home together. The mortgage advisor wants to see our bank statements (only 1). I have gambling transactions on mine would I be declined for this? I've never taken out a pay day loan, never gone over my overdraft limit and never been bankrupt.

Please could someone help as I am worrying!

Thanks

Unless there's an obvious pattern of gambling transactions that cannot be supported by your income and the account is constantly overdrawn I doubt there would be a problem.

When I applied for my mortgage I had holidays expenses, etc but the statements were showing consistent disposable income.

SuzieSue

HSBC didn't just check for income. The wanted to see statements from every current account I held even ones which I had opened simply for the high interest rate and which I was using effectively as a deposit account.