AIP and bank statements

whenwesparkle

Hi all, first post!
So today, we've put down a reservation on a new build property and had an AIP with a mortgage advice company. We have our deposit ready etc.

My question is, they've asked for 3 months bank statements. The mortgage advisor is coming out to see us on Thursday. What kind of things will they be looking for in the bank statements? Both me and my partner have decent salaries, bills all paid on time, rent paid on time for the last 8 years together, no credit card debts etc (partner has an overdraft though). I'm the first to admit that my spending habits aren't exactly frugal- I have money, will spend it. I understand that if we get our mortgage agreed that those extra things I splurge on will have to go. Could they potentially refuse to offer us a mortgage if they think our spending is too much?

Thanks in advance.

amnblog

The Lender is checking that:

Your Banked income matches your payslips (if employed)
You are not servicing loans or other debts which have not been declared on your application
You are not exceeding your overdraft or having payments bounce

Other than, that the only other thing we see them query is a large one off payment (where they may ask for clarification - we are dealing with one today), or numerous gambling withdrawals.

whenwesparkle

Thank you Amnblog. We're FTB and never thought we'd ever be in a position where we could stop renting. This has cleared things up. Thank you again for your reply.