Getting bank account in order for mortgage

curlyhair1

We are hoping to apply for a mortgage in April/May so now is the idea time to get the bank accounts in order. my husband is self employed, he gets his income to his business account then transfers money to his personal account at various times of the month to cover the bills. Is there a more suitable way to do this? Should he “over pay” himself so there is surplus in his personal account. What is the ideal for the mortgage application?

Thanks

csgohan4

how long has he had the business?


Profits? income? dividends where applicable?


Total household income?
house price?


Debts?




Most lenders will ask for the last 3 years accounts either personal tax or company accounts.


Need more info


Generally you can lend x4.5 of your gross income


Try the mortgage guide here:
https://www.moneysavingexpert.com/mortgages/mortgage-guide/

[Deleted User]

As long as he is in control of whatever way he is doing things then it doesn't really matter to be honest.

Some lenders don't even look at bank statements, of the ones that do most are looking for hidden or undeclared credit commitments.
The remaining few are just checking he isn't careless and going overdrawn all the time.

Worst case he shows both sets of statements and they can see what he is doing.

As soon as you start artificially changing things they will assume you are trying to hide something.

Just make sure all the bills are paid on time and don't sweat thr small stuff. Mortgage application isn't as scary as some make you believe (we just tell people it's really scary to keep us in a job!) :-)