Mortgages and open banking

Gaz012012

I am a few years off remortgaging and I have been reading about open banking instead of submitting bank statements.

Is this becoming the norm?
Do you have to use this or can yoi still submit physical evidence
How far back can they searxh

Appreciate any information 

MattMattMattUK

Gaz012012 said:

I am a few years off remortgaging and I have been reading about open banking instead of submitting bank statements.

Is this becoming the norm?
Do you have to use this or can yoi still submit physical evidence
How far back can they searxh

Appreciate any information 

In a few years it could well have and will probably change to requiring open banking, at least for current accounts, it makes the process more automated. I suspect that if you want a mortgage with them this will be required as physical statements are relatively easy to fake. 

As to how far back they can go that depends on who you bank with. Is there something you are trying to hide?

ACG

At the moment it is far from the norm, only maybe 5% of our customers use it - it makes no sense as we have to get bank statements anyway, so its just easier for us to upload them than the customer opting into open banking etc. 

I imagine some banks have a bigger uptake than that though.

But I think your worry is not something you need to worry about. With open banking they request access for your bank account(s) for a set period of time, typically the last 3 months. They can only access the date range you authorise. 

Gaz012012

Perfect thank you. I know generally lenders request last three months and like most people try to show myself in the most positive light so womdered if open banking they could look at 2 years which is what i read online

ACG

I realise the irony in what I am about to say... But dont believe everything you read online. The amount of rubbish I hear from people who have read the online version of "Dave down the pub" is scary.