3 months business bank statements requested.

ScottL45

Hi everyone.  What is the main thing underwriters look at when requesting the above please?  Is it income or debts for eg?  Thanks.

SueF1

If you're self employed I would assume they're looking for your work load/ how you've been affected post Covid.
My broker said 3 months bank statements is key and pretty standard for SE at the moment 

Peter74

SueF1 said:

If you're self employed I would assume they're looking for your work load/ how you've been affected post Covid.
My broker said 3 months bank statements is key and pretty standard for SE at the moment 

Yep, it’s understandable.  You’d just think they’d request them as standard when you initially apply instead of 3/4 weeks down the line at underwriting.

mortgagetakingages

They want the latest so they wait until they are ready

Peter74

mortgagetakingages said:

They want the latest so they wait until they are ready

True

ScottL45

My income on last 3 months is less than 50% of normal but things starting to get back to normal.  So can see from an underwriting position this may be concerning but only an individual knows the full picture with his or her business.  You often don't get to present your whole case, but I guess underwriters aren't interested in the whys and wherefores.  Are there any other lenders out there that wouldn't specifically request last 3 months business bank statements?  That's where my integrity falls down, it's strong in all other areas.

[Deleted User]

ScottL45 said:

My income on last 3 months is less than 50% of normal but things starting to get back to normal.  So can see from an underwriting position this may be concerning but only an individual knows the full picture with his or her business.  You often don't get to present your whole case, but I guess underwriters aren't interested in the whys and wherefores.  Are there any other lenders out there that wouldn't specifically request last 3 months business bank statements?  That's where my integrity falls down, it's strong in all other areas.

There are plenty lenders who don't want statements, and there are plenty lenders open to discussion about business performance.  I've had a few with the bank statements being poor but I present invoices and future booked work to prove income is coming and then provide documents from this time last year to show comparisons. 

With self employed at the moment underwriters are very much interested in the why. It's just that not every lender is interested in self employed cases 

ScottL45

Deleted_User said:

ScottL45 said:

My income on last 3 months is less than 50% of normal but things starting to get back to normal.  So can see from an underwriting position this may be concerning but only an individual knows the full picture with his or her business.  You often don't get to present your whole case, but I guess underwriters aren't interested in the whys and wherefores.  Are there any other lenders out there that wouldn't specifically request last 3 months business bank statements?  That's where my integrity falls down, it's strong in all other areas.

There are plenty lenders who don't want statements, and there are plenty lenders open to discussion about business performance.  I've had a few with the bank statements being poor but I present invoices and future booked work to prove income is coming and then provide documents from this time last year to show comparisons. 

With self employed at the moment underwriters are very much interested in the why. It's just that not every lender is interested in self employed cases 

My application is with Santander.  Do you think it's worth uploading future orders via my portal even though they haven't requested?