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Preparing Bank Statements for a Mortgages
MarkD248
Posts: 1 Newbie
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.
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.
0
Comments
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Well you will be able to show the saving too so I don't see the problem?YNWA
Target: Mortgage free by 58.0 -
Shouldn!!!8217;t be a problem0
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This will make no difference whatsoever.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.
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.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 -
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!0
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