What documents do I need to provide?

James-may

Hi, I'm currently saving a deposit for a mortgage, but I'm reading people needing to provide documents for all sorts of things coming and going out their bank accounts.

I have 2 current accounts, but one has 3 sub accounts with in it, that I've named, spending money, mortgage deposit and holiday fund.
I move money around them each month depending on how much I think I'll spend each month.

I'm worried this might get convoluted trying to explain where money came from or goes if they ask.

I have things like a season ticket DD that comes out every month but that if was an issue could be cancelled, I pay for an iptv service that also can be cancelled, also a VPN, Nd a few other little things that cost maybe £30 per month between them all.

I also sell a few things here and there on eBay, I also have a video I license out that I get an irregular income from, probably had £2000 over the last 3 years that I've drawn into my account in small chunks here and there.
But that won't be getting included in my income from the mortgage application.
I have £200 in my PayPal account now that I was intending on putting into my mortgage fund.
But I'm worried about having to explain every transaction I make, what will I need to supply to them, will they ask for credit card statements?, Bank statements, eBay/paypal statements?
Or will they just be happy with bank statements and a trail as to where my deposit came from?

Thanks for any help.

kingstreet

Typically, three months bank statements are used to check for the receipt of net salary credits visible on your payslips. Items which may appear to be undisclosed credit might be questioned; but most of what you are concerned about won't be.

James-may

kingstreet said:

Typically, three months bank statements are used to check for the receipt of net salary credits visible on your payslips. Items which may appear to be undisclosed credit might be questioned; but most of what you are concerned about won't be.

Thanks, well I have 4 credit cards, 2 I don't use, and have £600 on the other 2 between them, which I could just pay off, but I'm keeping every penny for my deposit.
No other credit, so I'd be happy to show what any specific item was.
I suppose the DD for season ticket might get flagged as it's a regular deduction, but as it's not a contract or anything, I can just cancel it at any time.

Thanks for the help.

davidmcn

James-may said:

kingstreet said:

Typically, three months bank statements are used to check for the receipt of net salary credits visible on your payslips. Items which may appear to be undisclosed credit might be questioned; but most of what you are concerned about won't be.

I suppose the DD for season ticket might get flagged as it's a regular deduction, but as it's not a contract or anything, I can just cancel it at any time.

What they're interested in is what you have to pay to commute to work, so cancelling your season ticket isn't really going to help (assuming you'd then just be paying by another method).

James-may

davidmcn said:

James-may said:

kingstreet said:

Typically, three months bank statements are used to check for the receipt of net salary credits visible on your payslips. Items which may appear to be undisclosed credit might be questioned; but most of what you are concerned about won't be.

I suppose the DD for season ticket might get flagged as it's a regular deduction, but as it's not a contract or anything, I can just cancel it at any time.

What they're interested in is what you have to pay to commute to work, so cancelling your season ticket isn't really going to help (assuming you'd then just be paying by another method).

Honestly I only pay £30 diesel as I have a 10 min drive to work.
£33 insurance per month, and think it's £100 per year road tax.
And if it meant I could buy my home, I'd miss the footy for a year lol.
Thanks for the help though, gives me a better idea of what they will ask.

BecsMags

We just had a mortgage offer with Halifax. They didn't ask for bank statements, we only needed to send payslips as proof of income. Not all lenders will ask for them, but I guess it's best to be prepared in case they do. 

James-may

I'm only going in with a 5% deposit, and am unsure how my credit history will be viewed, so I'm expecting them to pick over things.
I can download and send PDF docs of my statements if need be.