Can Mortgage Lenders find out about additional savings/investments

b80_2

Hi,

When moving home do we have to declare all bank accounts and investments to our lenders and the solicitor?

Will the bank accounts/investments show up on credit checks and searches they run.

I've kept these funds separate from our main current account as they are earnings from matched betting and I'd rather not have to go through explaining it all if possible.

Thanks!

Thrugelmir

Not unless they are going to provide the source of your deposit.

b80_2

Thrugelmir wrote: »

Not unless they are going to provide the source of your deposit.

really, thats re-assuring to know. I thought maybe they would run a check and ask us to disclose all other accounts/investments they find.

Thrugelmir

b80 wrote: »

really, thats re-assuring to know. I thought maybe they would run a check and ask us to disclose all other accounts/investments they find.

Not of any interest. They are concerned with debts, liabilities or other commitments. Matters that could put their security at risk.

Verix

There are certain lenders (but few) that want to know about all accounts you have and will ask you to disclose these at application.

b80_2

do you know if the Yorkshire building society are one of these lenders - we've been with them for 6 years now - can't recall if they asked us previously.

glosoli

Unless the funds are being used for the deposit then whilst they may ask for the details, it isn't really any relevance. They may ask what you would rather retain the funds for, if not utilising them to reduce the borrowing with to accrue less interest / obtain lower loan to value product, but that is it at most. At credit scoring, they will see you have the account, but they won't be able to see any balances, only if you are in your overdraft.

robatwork

b80 wrote: »

do you know if the Yorkshire building society are one of these lenders - we've been with them for 6 years now - can't recall if they asked us previously.

When I got a quote from the recently to remortgage I was asked about bank accounts. I frankly couldn't be bothered to spend the 30 mins or so it would have taken to go through all of the current accounts I opened to get the bonuses and cycling cash through them monthly, so just told them about 2. It makes no difference to my risk profile as it's the same £1000 cycling from current account 1 to 2 to ...... 1 again.

b80_2

Cheers chaps. How about further down the line when it comes to overpayments? Say the mortgage was 250k and the max we could overpay at the beginningbwas 25k, would paying 25k in the first year, then the max again for years after cause suspicision?

Boredatwrork

Cheers chaps. How about further down the line when it comes to overpayments? Say the mortgage was 250k and the max we could overpay at the beginningbwas 25k, would paying 25k in the first year, then the max again for years after cause suspicision?

The banks general rule as far as I am aware is that if the source of cash is coming from another bnak/building society, they assume the acceptable checks were done at the point of entry that it hit the original account.

Boredatwrork

do you know if the Yorkshire building society are one of these lenders - we've been with them for 6 years now - can't recall if they asked us previously.

I remortagegd to Yorkshire, my wife had only been in her employment for 9 months and worked as a recruiter, her base pay (with mine) was enough to borrow what we needed, and they simple advised in a round about way, don't bother to declare the commision as it will only complicate the application and keep it simple.
As others state, unless its a negative (debt, overdraft etc), I don't think its given the same importance. I appreciate my response is anecdotal