Preparing Bank Statements for a Mortgages

MarkD248

Good Evening All,

Me and my fiancee are in the process of preparing our bank statements for when we apply for a mortgage. At the minute, I'm putting £650 a month away mininium into a seperate bank account(House Saving Account) via standing order. The only bad thing about transferring this money out of my account is by the end of the month, I only have about £30-£50 remaining in my current account, this is after all my direct debits & monthly commitments have been paid.

Will this reflect badly when I pass my bank statements over? If I was to leave the money in my account I would have about £700 left every month and I the reason I'm transferring it into another account is so I'm used to not having it when I move out.

My partner is doing the same.

Niv

Well you will be able to show the saving too so I don't see the problem?

ashe

Shouldn!!!8217;t be a problem

kingstreet

MarkD248 wrote: »

Good Evening All,

Me and my fiancee are in the process of preparing our bank statements for when we apply for a mortgage. At the minute, I'm putting £650 a month away mininium into a seperate bank account(House Saving Account) via standing order. The only bad thing about transferring this money out of my account is by the end of the month, I only have about £30-£50 remaining in my current account, this is after all my direct debits & monthly commitments have been paid.

Will this reflect badly when I pass my bank statements over? If I was to leave the money in my account I would have about £700 left every month and I the reason I'm transferring it into another account is so I'm used to not having it when I move out.

My partner is doing the same.

This will make no difference whatsoever.

If lenders ask to see bank statements they are looking for undisclosed credit payments, unusual credits/debits, unpaids and unauthorised borrowing charges.

Even irregular use of a small authorised overdraft wouldn't be an issue for most lenders.

hounslowfish

Sounds like good budgeting to me! Can!!!8217;t see this would be a problem.

Just don!!!8217;t declare your savings as an expenditure when you fill in affordability forms!