Mortgage application - Money transfers on bank statements

kakalokia

Hi,

Was hoping if someone can help me with the following question please, as I plan to apply for a mortgage.

The question is regarding my bank statements.

Whenever my salary is paid into my account, I transfer a sum of monies to my wife's account, as we currently use her account for extra money that we can save.

Recently I have started transferring even more money than before because we sold our house and currently don't have a mortgage to pay, so we can save more.

Is this something that could raise any red flags with a mortgage lender?

Thanks

Bossypants

No, because you can prove where it's coming from (your employer, with the proof being your payslips, which you will need to produce), and you can prove where it's going and that it's not a true 'outgoing' (assuming that you are buying jointly with your wife - they may need to see her bank statements too). The only thing lenders care about is that the money is obtained by legitimate means, and that you aren't spending so much of it that you might not be able to afford your mortgage repayments. Since you can prove both of those things easily, you shouldn't have a problem.