Mortgage 1 month bank statement

jenanne11

Hi, 
I've recently applied for my mortgage as a first time buyer with Skipton. They only asked for a one month bank statement and I was expecting them to ask for a longer one than this. Would they be basing my average spending on this one 31 day period? I'm a bit concerned cause my car insurance was due that month so I paid it annually using my credit card and transferred the money over to cover it. Now I'm worried they'll think £500+ to my credit card is my average monthly spend. Anyone know if this is the norm now to just want the one month bank statement?

Cscott139

They can see your historic credit card balances from your credit report so I wouldn't worry yourself. They will be looking for things that don't always show on your credit report like gambling or maintenance etc. 

jamielutz1987

jenanne11 said:

Hi, 
I've recently applied for my mortgage as a first time buyer with Skipton. They only asked for a one month bank statement and I was expecting them to ask for a longer one than this. Would they be basing my average spending on this one 31 day period? I'm a bit concerned cause my car insurance was due that month so I paid it annually using my credit card and transferred the money over to cover it. Now I'm worried they'll think £500+ to my credit card is my average monthly spend. Anyone know if this is the norm now to just want the one month bank statement?

I don't see anything to worry about. The bank statement is to cross reference with payslip and check for any undisclosed commitments/expenses that weren't declared or their models don't take into account. Worst case scenario, if £500 represents a large percentage of your income, they may query what it is related to and you can show necesary evidence.

ACG

Skipton use a bank statement to evidence income and expenditure. They are not using it for affordability, they use ONS figures for that. 

They are looking for undeclared commitments.