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Mortgage application what do lenders see in bank statements?

ric1982
ric1982 Posts: 235 Forumite
Ninth Anniversary 100 Posts Name Dropper Combo Breaker
in Mortgages & endowments
Hi,

I am using MA for my mortgage application. MA has send a strange query that your current account do not have many transactions! do you have any other accounts?

We use credit cards to make our daily purchases and pay the credit card off at the end of the month. So you don't see many transactions in my current account bank statements. We also like to live within our means.

Is this a bad thing!!!?

The application is not sent to Lender yet.

Edit: All phone bills, council tax bill, water, electric, gas, rent are paid via direct debit. from the current account.

Comments

  • kingstreet
    kingstreet Posts: 39,458 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    No. It's just a simple question with no hidden agenda.

    You would simply be asked for statements for the other current account if there was one...
    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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ric1982 wrote: »

    We use credit cards to make our daily purchases and pay the credit card off at the end of the month. So you don't see many transactions in my current account bank statements. We also like to live within our means.

    Is this a bad thing!!!?

    Not in principle. Do you pay your card off in full every month. Or in the past have you rolled part of the balance over.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    ric1982 wrote: »
    Is this a bad thing!!!?
    No, they're just wanting to see what you're actually spending your money on. Which they can't do if large chunks of it are going to and from other mystery accounts. You might be hiding other commitments which you're paying from your credit card account.
  • FTBNow
    FTBNow Posts: 146 Forumite
    I imagine they may ask for the credit card statement/proof it!!!8217;s paid off in full?
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