Mortgage broker wants all statements?

James131994

Hi, would really appreciate some help here.

I am applying for a mortgage using a mortgage adviser. The mortgage is with Nationwide, on their lending criteria (and over the phone) they say they need 1 - 3 months statements for the main bank account (bills, wages etc).

My adviser has asked for 3 months of statements for all my bank accounts. Why would this be?
I would rather not submit all statements to the bank if I don't have to. One account has a few gambling transactions on which I would rather not have to submit to Nationwide and did this in a separate account specifically to keep it off my main account.

Thanks!

kingstreet

Your broker's requirements and your lender's may be different.

We would ask for all the items a lender might request but hold on to them until they are requested in future.

We have had a request for bank statements two years after the case completed, as the result of a routine audit.

If your broker thinks this may cause an issue, they will tell you. Do not attempt to hide things from your broker. This will probably blow up in your face!

James131994

kingstreet wrote: »

Your broker's requirements and your lender's may be different.

We would ask for all the items a lender might request but hold on to them until they are requested in future.

We have had a request for bank statements two years after the case completed, as the result of a routine audit.

If your broker thinks this may cause an issue, they will tell you. Do not attempt to hide things from your broker. This will probably blow up in your face!

Thank you for your response. I wont be hiding anything from my broker, I will certainly send them everything. I was just a little concerned they would be submitted these statements unnecessarily and potentially causing an issue with the mortgage.

The broker has already told me he doesn't see any reason we should not be offered the mortgage. Maybe I am just worrying too much and should trust them to get everything right.

dunstonh

My adviser has asked for 3 months of statements for all my bank accounts. Why would this be?

Seems reasonable. Periods of upto 6 months are common.

Reasons are to look for transactions that you may not have declared and to help understand your budget/affordability.

I would rather not submit all statements to the bank if I don't have to.

You may find that lender used doesn't want to see your bank statements. The broker is the one that needs to know at this stage.

One account has a few gambling transactions on which I would rather not have to submit to Nationwide and did this in a separate account specifically to keep it off my main account.

Which is one good reason why a broker would want to see the statements. i.e. to help you get a mortgage from a lender that will say yes to you.

Maybe I am just worrying too much and should trust them to get everything right.

That is their job. A broker with full information is better than a broker with incomplete information.

James131994

dunstonh wrote: »

Seems reasonable. Periods of upto 6 months are common.

Reasons are to look for transactions that you may not have declared and to help understand your budget/affordability.



You may find that lender used doesn't want to see your bank statements. The broker is the one that needs to know at this stage.



Which is one good reason why a broker would want to see the statements. i.e. to help you get a mortgage from a lender that will say yes to you.



That is their job. A broker with full information is better than a broker with incomplete information.

Thank you for your response. It looks like there are some good reasons why the broker would want to see statements and this doesn't necessarily mean they will be passed over to the bank. My broker has been very good so far as has got us the decision in principle. We submit everything in 2 weeks so I think until then I am just going to be on edge about all this stuff.

LRmortgage

As a minimum I ask for 3 months bank statements, 3 months pay slips, photo ID and separate proof of address. Sometimes I also ask for extra documents if I think but will help me understand the case better.

Often and depending on Lender I only submit 1 pay slip and nothing else. However for me to do my job properly as a broker I need full disclosure and information at my fingertips so I can respond to lenders quickly without having to refer back to the client.

haras_nosirrah

If there are a lot of transfers going out to other accounts it isn't uncommon for a lender to ask for 3 months statements for the account ending xxx

With the gambling transactions I have had one case where they weren't happy but that was because he was in his overdraft and literally every second line on the statement was to an online gambling company and a transaction of 1000 out each month to an account called 'Vegas baby yeah'. There is a difference between someone who clearly had a serious habit and was using his overdraft to fund it and was therefore vulnerable to losses and someone who bet £10 a week on a football match