NatWest Mortgage Application

Gammon1

HI Guys,

FIrst time buyers here, weve been saving for 3 years, we have ended up buying a house for 249,500.

We have saved £10,000 each in both our help to buy isa's and additional £20,000 in savings account over last 3 years. We are being gifted £25,000 also. So £65,000 deposit. Mortgage of £184,500 i believe.

Although we have saved so hard for years, the last few months we had a holiday in America and we have spent more than we normally would because we hit our £40,000 goal, so we treated ourselves, not intending to buy a house until April, because im self employed.

My partner is a teacher and earns 1900 a month and my 2nd year books were only 13,500 net because of finishing apprenticeship.

Our mortgage is £570 a month, so we easily cover it, my bank statements show I earn on average £1700 now and my partner at £1900. But im concerned that our bank statements will let us down, due to spending more than we normally would, not thinking we would apply for a mortgage.

We have a good credit score, have never been overdrawn, pay direct debits and other bills on time. Is it likely the bank statements will let us down, or will the history of saving so much etc show that we are sensible people. We arent really tied down by many regular outgoings, phone contracts, and my partners car which costs £140 a month. The majority of our income is disposable because we currently live at home.

Wasnt sure if anyone knew how critical they are, because everything except our spending on the bank statements is positive

Regards

John.

LRmortgage

Unlikely to be an issue as long as you fit affordability with your lender. Some lenders don’t even ask for bank statements these days.

This is different to what you think is “affordable” see a broker or go online and do some mortgage affordability calculators and see if you fit.