Question about bank statements when applying for a mortgage

doogs

Hi folks

I've nearly saved my 10% deposit for my first home and I'm going to meet with an independent mortgage adviser next week. I've been asked to bring 3 months of bank statements with me and proof of any savings.

When I get paid each month I move X amount of money on to my Monzo card, I use this as my allowance for the month. I also put as much money into my savings as possible, leaving just enough money in the account for bills.

I wondered if by doing this I am shooting myself in the foot? To anyone looking at my statements it might appear that I have a spending amount but I've just found this method a good way to help me budget.

Might be over thinking this but just wanted to check in.

thanks

ACG

No idea what a monzo card is, but take statements for both accounts.
I have seen people who have 3-4 accounts - 1 for general spending, one for bills, one for something else and so on. It is a right PITA when it comes to certifying but the general rule I work to is that if there is something unusual, it is what it is. You just have a to find a lender who will look to accept it.

eddddy

I'd assume the lender wants to see your income and spending. So take:

3 Months of current account statements
3 months of savings statements
3 months of Monzo account statements

(I assume that you can get statements or at least a list of transactions from a Monzo account.)

doogs

thanks folks, I'll be sure to take all statements with me.