Bank Statements for Mortgage Application

SeasideSally

My husband and I are going to be applying for a small mortgage in the next few months. We haven't gone through the process for a long time, and I get the feeling that things have changed quite a lot during the past fifteen years!

I've been reading about lenders needing three months' bank statements during the application process, but do they need statements from every bank account you have?

We have one main joint account, and that is where salary payments go... direct debits, standing orders, shopping, etc. But I have one current account that's only in my name, and I use it for buying gifts (so my husband won't see the price of them ). I also use it to pay for magazine subscriptions. Will the bank (and my husband) need three months' statements from that too?

Is it true that they go through your statements with a fine-tooth comb and look down on things like magazine subscriptions and club memberships? :undecided

kingstreet

You may not be asked for any - it varies from lender to lender.

Mostly only interested in the account your salary is paid into and are looking for undisclosed credit and net income matches payslips.

No-one cares about the £30 you spent in Card Factory two weeks ago.

The lower the loan to value and amount compared with possible affordability the easier the requirements.

SeasideSally

Thank you! That's a relief.

I was imagining having to explain every purchase, no matter how big or small. Or being interrogated as to why I bought a birthday cake from M&S when I could have gone to Tesco, etc.

Thrugelmir

SeasideSally wrote: »

I was imagining having to explain every purchase, no matter how big or small. Or being interrogated as to why I bought a birthday cake from M&S when I could have gone to Tesco, etc.

Lenders are looking for undisclosed liabilities, unusual transactions etc. Not how you spend your disposable income on day to day items.