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Additional Borrowing, got AIP, bank statements messy...
MeltingSugs
Posts: 19 Forumite
Hi
We are planning on porting + asking to borrow more money. We are with Natwest. We have got an AIP with them for the right amount, but I'm a bit worried about how our bank statements look recently.
We recently got married. Tried to be MSE but still depleted the savings we had and meant we spent what was coming in. We then both changed jobs, husband had some time off in between so a couple weeks of no £ coming in from him. We are commuting quite far until we move so have those additional costs and have generally been worse at packed lunches/proper dinners so spending has gone awry, no saving going on etc.
We are stretching ourselves to move. Bottom line numbers are wanting to borrow £260k, joint income of £65k, deposit of 15% (coming via equity), less than £90 on credit commitments, £150 to interest free credit cards a month, and it is just us two. Experian scores of 965+. Negative factor for us both of applying for credit. We cancelled old rubbishy credit cards and got a new one each. We also applied for each other to be cardholders for the other which has resulted in two searches on each of us, whoops! The AIP was a few weeks after this.
Are the bank likely to thoroughly scrutinise everything we've spent lately? I've heard about using averages for expenditure on things before etc. There is a lot we could cull if we needed to.
We are planning on porting + asking to borrow more money. We are with Natwest. We have got an AIP with them for the right amount, but I'm a bit worried about how our bank statements look recently.
We recently got married. Tried to be MSE but still depleted the savings we had and meant we spent what was coming in. We then both changed jobs, husband had some time off in between so a couple weeks of no £ coming in from him. We are commuting quite far until we move so have those additional costs and have generally been worse at packed lunches/proper dinners so spending has gone awry, no saving going on etc.
We are stretching ourselves to move. Bottom line numbers are wanting to borrow £260k, joint income of £65k, deposit of 15% (coming via equity), less than £90 on credit commitments, £150 to interest free credit cards a month, and it is just us two. Experian scores of 965+. Negative factor for us both of applying for credit. We cancelled old rubbishy credit cards and got a new one each. We also applied for each other to be cardholders for the other which has resulted in two searches on each of us, whoops! The AIP was a few weeks after this.
Are the bank likely to thoroughly scrutinise everything we've spent lately? I've heard about using averages for expenditure on things before etc. There is a lot we could cull if we needed to.
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Comments
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Eating nothing but beans on toast for three months before a mortgage application isn't necessary.
Try this;-
https://rbsintermediaries.hdddirectsolutions.co.uk/Natwest
and only enter what is requested. Don't add something thinking it's a good idea, just in case. Lenders use ONS stats for "normal" outgoings.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 -
Thanks, Kingstreet.
That calculator throws out over £286k. Weirdly I can increase our credit card balances to twice what they are before it starts reducing it. That does make me feel better! Guess I was assuming they require bank statements to scrutinise but I guess it's to check credit commitments more than anything?0
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