Applying for a mortgage and checking all bank statements ?

sarahjlh

Hello, so me and my partner are applying for a mortgage  shortly in the next 6 month. We are fully prepared been saving for 3 and half years in a help to buy isa. However I’m unsure on the providing statements part of this process?

Other than providing statements for your main account which I understand. Do you have to declare other accounts ? Do you have to provided bank statements for them too?  And how many months statements of your main account do they want to see? 

I have just recently paid off debt to my mother and a credit card 2 in January and understandably I’d rather that not been seen. 

Also my credit card I paid off was from cash I’d saved of £1000 which I deposited then transferred to credit card. i had been putting aside last year and from bits I had sold after having a clear out along with birthday money and what not. 

I’m concerned I may be asked to prove where I got 1000 from which I physically can’t, I have just put bits aside. 

Any advice please ? 

Thanks 

Moneyminded

Typically a mortgage lender will ask to see 3 months worth of bank statements. If you are applying in around 6 months time they won't see anything related to you paying off your credit card. When I applied for my mortgage I needed to show 3 months worth of current account statements (where my deposit was sitting) and 3 months worth of credit card statements. 
Good luck 

[Deleted User]

My standard document request for expenditure would be:
3 full months bank statements for any current accounts held by both clients (need to check all accounts incase someone is hiding commitments on other accounts for example) 
1 month credit card statement

For what it's worth, I had a case last month with £5k cash from client doing nails and makeup that was deposited in a lump sum with no way of tracing it.   Lender was fine with it. No questions asked. 
 In your case, no one would even question you paying £1000 in to a credit card 6 months prior.  

sarahjlh

Thank you for both your help. It’s all new to me and I want everything to be perfect and make sure I have all my facts and answers.

in regards to the statement part I only have my one main current account which my wages goes too and where mortgage would come from but I do have 5 other savings, help to buy isa, house saving so money to do house up when we get it and then one is spare money account and then another 2 account which standing orders go in for my car tax and insurance over the year. Will they want to see in to or statements off all these too ? And do you have to says what’s in them ? Yes of course your current account and the house related account but the others do I need to say ? Or show ? 

I have premium bonds account after I stopped using it years ago and owed my dad money for my first car he bought me, when I sold my second car which I put money in to premium bonds I only took part out and what I owed my dad I left in . Him not been very technical asked if he could put other money in it with of course the chance of winning. I agreed, after a lucky win on Irish lottery and other small deposits over about 5 years there’s about 5k in there. My dad now getting a new shop he may need the money am I better changing the depositing account to say my savings and withdrawing in branch for my dad so it’s not on my current account ? It’s something I never thought about until my dads changed shops and may need some of his money 

[Deleted User]

If there is money going out of your main account to somewhere then I would want to see what that account is.  If its a current account then 3 months bank statements will be needed.

Regardless of anything else, I would be looking for between 3-6 months of statements to show the buildup of deposit anyway so it sounds like you will be asked for most of the accounts.

God bless online banking and pdf statements!