Bank Statements/Lenders

scottishwolf

Long time poster on this site for over 15 years, but my acount was linked to a defunct email address, so I'm starting again!

My fixed term mortgage is up in December, so I need to start thinking about what's next. I'll be sitting about 60% LTV.

My question is focused around bank statements and whether any of you know which lenders currently don't ask to review these as standard practice?  I know previously HSBC didn't and I went with Virgin Money as my current lender for the same reason.

My first lender wanted bank statements and my various gambing transactions meant that they flagged the application through to the underwriters for further review.  The mortgage was granted, but I'd rather not have the hassle of going through the same extended process again.

The gambling is fully under control, managed and profitable.  Anyone doing the sums can see that it's money I can afford to lose without affecting a loan/mortgage.  Whilst I completely get that any loan provider needs to manage their risk and ensure a loan meets their risk profile, it's just awkward being made to feel a bit yucky for gambling and having to try and explain it to someone who can't really understand it.

Clearly I could pause the gambling for a month or so if a lender only required one month's worth of bank statements, but anything more than that is just a hassle I'd rather avoid, even if it means slightly less beneficial terms on the loan.

csgohan4

You would ideally  need a broker to match a lender who requires no bank statements, although alot of lenders have tightened their criteria lately

MovingForwards

You would need clean statements for 6 - 12 months, just in case they are asked for.

Are the new fixed rates with you current lender no good? Often that's a simple click of the mouse and job done.

emistad

Can you not set up a separate bank account for the gambling with minimal transactions to your main current account? I do matched betting so was worried when applying for a mortgage but as it's not going through my main account, I was never asked for those statements.

scottishwolf

MovingForwards said:

You would need clean statements for 6 - 12 months, just in case they are asked for.

Are the new fixed rates with you current lender no good? Often that's a simple click of the mouse and job done.

That may be the quickest and simplest answer to this.

scottishwolf

emistad said:

Can you not set up a separate bank account for the gambling with minimal transactions to your main current account? I do matched betting so was worried when applying for a mortgage but as it's not going through my main account, I was never asked for those statements.

Might do this in future.

I've already got a couple of current accounts, so no reason I couldn't keep it clear of my main account that any salary goes into.