Bank statements

Ungnome

Looking for some advice if anyone has knowledge of this please I'd really appreciate it.

I'm currently saving for a deposit for my first house. I'm fortunate in that my outgoings are relatively low at the moment so when I get paid i immediately transfer a chunk of money (more than my mortgage would be) to a savings account every month and have been over paying my credit cards (both are 0% for 20 odd months) and a family member loan as I'd obviously like to pay these off as quick as I can.

I have a good credit score and know what kind of mortgage I can get based on my finances, my concern is how the above looks when they look at my bank statement. Will they recognise the large transfer each month is to a savings account, and that I'm over paying my credit cards or will this just look like large outgoings? I wont be applying in the immediate future so if I have time to rectify this if I need to change this and let the money sit in my account and pay minimum or lower credit card payments instead

Any advice appreciated as I cant find much online just what they are generally looking for in bank statements

LawAbiding

You overthinking everything ( I did the same )

Clearly you will declare your deposit is from your savings so they will understand your monthly savings amount.

Do you plan to pay off the credit cards with some of the savings, or throw all the savings into the deposit?

If paying off, then you can say you won't have credit card balances when the mortgage starts, and they may put it as a condition of your mortgage offer (as mine did)

Thrugelmir

Ungnome wrote: »

Any advice appreciated as I cant find much online just what they are generally looking for in bank statements

Anything untoward, i.e expensive hobbies and pastimes, undisclosed committments etc. Not interested in your day to day lifestyle.

Ungnome

Thanks LawAbiding. I wasnt sure if there was an opportunity for explanations/commentary

My savings will be used for the deposit and as an emergency fund and to cover fees moving costs etc, I am over paying cards separately but shouldn't have much left on them by the time I come to apply which should hopefully only improve my chances

Ungnome

Thank you Thrugelmir sounds like I am over thinking!

candlebreeze

Hi there have you asked a financial adviser most of them give free consultations and they are really good and helping you get on the right track.

Roberto56

Hi, the bank in UK with whom I hold a foreign currency account (Euros) are telling me that it's impossible to opt out of paper statements (UK regulations they say). Now, I know for a fact that some of these statements never got delivered to my address and I was wondering if it's potentially risky that my statements end up to another address, with the possibility of them being opened and that someone reads all my details. Should I close the account or should I just not worry about this?
Many thanks.

Thrugelmir

Hi, Welcome to the forum
Best to start a new thread rather than ressurrect an old one.