Which lenders don’t require bank statements

Newheight13

Hello,

Anyone know any lenders that don’t require bank statements for a remortgage. Last 3 months has been expensive in terms of lots of weddings, car repairs and maintenance  bills so not a great look for remortgaging. 

I know Halifax never used to. 

Also, anyway know what the the best rate today with a 40% LTV is with very good credit? Feel like these comparison sites are old rates and don’t update quickly enough. 

Thanks!

K_S

@newheight13 Not to minimise your concerns but assuming you're looking for a mainstream lender, honestly there's no need to worry about bank statements showing high levels of one-off expenditure of the kind you've described in your post. I've never had a mainstream application get declined for such a reason.

'Best' 60% LTV (with the vast majority of mainstream lenders, it's all the same once you hit 60% LTV) rates in the market - check the MSE mortgage finder https://www.moneysavingexpert.com/mortgages/best-buys/ and the Moneyfacts one as well if you feel the MSE one doesn't cover everything.

Also check your current lender product-switch rates as they won't show on the above and may beat what's available elsewhere.

Newheight13 said:

Hello,

Anyone know any lenders that don’t require bank statements for a remortgage. Last 3 months has been expensive in terms of lots of weddings, car repairs and maintenance  bills so not a great look for remortgaging. 

I know Halifax never used to. 

Also, anyway know what the the best rate today with a 40% LTV is with very good credit? Feel like these comparison sites are old rates and don’t update quickly enough. 

Thanks!

Newheight13

Thank you KS. It’s not so much on the debit cards but on the credit cards and then high monthly payments to clear the credit cards, so bank statements just show high levels of expenditure for the credit cards is that makes sense. 

Newheight13

Also if I use the MSE comparison it states Beverly BS has a rate of 4.29%? Is this correct in the current climate as it seems very low so wondering what the catch is as few isn’t too high also. Does anyone have any experience with them? Thanks!

housebuyer143

Newheight13 said:

Thank you KS. It’s not so much on the debit cards but on the credit cards and then high monthly payments to clear the credit cards, so bank statements just show high levels of expenditure for the credit cards is that makes sense. 

Most lenders need the bank statement to show your salary going in, so there is no way around it. I haven't had any look at my spending though. I know this because I sent them an account which only has my wage go in and out and no other transactions, they didn't mention it at all.
At 40% LTV they are less likely to be critiquing your spending and more making sure you have the money coming in you say.

K_S

Newheight13 said:

Thank you KS. It’s not so much on the debit cards but on the credit cards and then high monthly payments to clear the credit cards, so bank statements just show high levels of expenditure for the credit cards is that makes sense. 

@newheight13 In very rare cases, the lender (any lender underwriter can ask for anything related to your finances during underwriting if that makes sense) might ask to see cc statements if the bank statement but it's very very unlikely. And even if they do, it's unlikely to be an issue at all, for the same reasons that I mentioned above.

Newheight13 said:

Also if I use the MSE comparison it states Beverly BS has a rate of 4.29%? Is this correct in the current climate as it seems very low so wondering what the catch is as few isn’t too high also. Does anyone have any experience with them? Thanks!

If I had to guess that's either a discount rate or a rate that's been pulled but not updated with the 3rd party sourcing system (not unusual for smaller lenders to have a delay). But it's easy to check by looking at their intermediary site (if it's a broker rate. Just Google 'lender name for intermediaries products') or their public site if it's a direct-only rate. In Beverly's case, you can see all their rates here and it does look like a discount (variable) rate not a fixed one.