Do I need to provide Bank Statements for BTL.

longleggedhair

I am considering purchasing a BTL property with my partner. We are both employees and we earn over the minimum £25,000, however my employer has always paid me in cash, while his wages go in the bank and cover the bills my wages cover the shopping and other expenses. 

I have my payslips but if they requested my bank statements obviously it wouldn’t be on there, also I’m not all that keen on my bank statements being nosed through.

As I understand it for residential mortgages they like to look through your statements, does the same apply for BTL?
Thanks in advance.

mortgagetakingages

Of course. 

Grumpy_chap

The lender is entitled to take what reasonable steps they like to satisfy themselves as to accuracy of declared income.

Being paid cash from work is very unusual, especially in a job paying over £25k.  Can't you ask to be paid by credit transfer?

ACG

Some lenders do not ask for bank statements, many will. 
We would bank statements on file regardless of whether the lender does. 
If you think anyone is interested in where you spend your money or will even remember 30 seconds after putting your statements down you will be surprised. In 9 years I remember 3 transactions:
"to roast ur mum l8r" - friends
"Here you go s**g" - (replace the asterix with the actual letters),
"Love you piggy" - (from her husband). 

That is it. I went through statements this morning and besides Vodafone and sainsbos, I literally could not tell you what was on there. All I know is that there wasnt anything that had not been declared. 

csgohan4

ACG said:

Some lenders do not ask for bank statements, many will. 
We would bank statements on file regardless of whether the lender does. 
If you think anyone is interested in where you spend your money or will even remember 30 seconds after putting your statements down you will be surprised. In 9 years I remember 3 transactions:
"to roast ur mum l8r" - friends
"Here you go s**g" - (replace the asterix with the actual letters),
"Love you piggy" - (from her husband). 

That is it. I went through statements this morning and besides Vodafone and sainsbos, I literally could not tell you what was on there. All I know is that there wasnt anything that had not been declared. 

"Here you go s**g" - (replace the asterix with the actual letters),

Lol, any prizes to guess what this was for?

Thrugelmir

Lenders have a means of verifying a declared income directly with the HMRC.
What's on your bank statements that you don't want seen? Most peoples are extremely boring. The underwriters would simply be looking for the unusual. 

Is the source of your deposit "cash"? 

ACG

csgohan4 said:

ACG said:

Some lenders do not ask for bank statements, many will. 
We would bank statements on file regardless of whether the lender does. 
If you think anyone is interested in where you spend your money or will even remember 30 seconds after putting your statements down you will be surprised. In 9 years I remember 3 transactions:
"to roast ur mum l8r" - friends
"Here you go s**g" - (replace the asterix with the actual letters),
"Love you piggy" - (from her husband). 

That is it. I went through statements this morning and besides Vodafone and sainsbos, I literally could not tell you what was on there. All I know is that there wasnt anything that had not been declared. 

"Here you go s**g" - (replace the asterix with the actual letters),

Lol, any prizes to guess what this was for?

Would you believe me if I said it was a son sending money to his mum? Not a lot shocks me but that did. 

haras_n0sirrah

Think the worst I saw was someone's maintenance was referenced 'money grabbing b***h' by her ex husband. She was mortified.

MovingForwards

haras_n0sirrah said:

Think the worst I saw was someone's maintenance was referenced 'money grabbing b***h' by her ex husband. She was mortified.

Is it so bad I wish there was a LOL button 😂

haras_n0sirrah

I popped a note onto the lender to explain that this was maintenance and her ex husband was an imature idiot.