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Lender Checks on Bank Statements
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ak07906
Posts: 11 Forumite

When submitting last few current account statements for a mortgage application, what do lenders want to see?
I am transferring pretty much all of my salary into various other accounts and pots for bills and spending at the beginning of each month, leaving a very low balance for most of the month.
I am worried that this might look like I am blowing all of my income straight away, which may be a red flag to lenders. Anyone know whether I could be 'marked down' for this?
Thanks!
I am transferring pretty much all of my salary into various other accounts and pots for bills and spending at the beginning of each month, leaving a very low balance for most of the month.
I am worried that this might look like I am blowing all of my income straight away, which may be a red flag to lenders. Anyone know whether I could be 'marked down' for this?
Thanks!
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The main thing they want to see is your income.0
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ak07906 said:When submitting last few current account statements for a mortgage application, what do lenders want to see?ak07906 said:I am transferring pretty much all of my salary into various other accounts and pots for bills and spending at the beginning of each month, leaving a very low balance for most of the month.ak07906 said:I am worried that this might look like I am blowing all of my income straight away, which may be a red flag to lenders. Anyone know whether I could be 'marked down' for this?
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They won't want to see a lot of hard searches for credit - whether it be credit cards or phone contracts etc.
They will like to see that you are registered to vote as this indicates a certain amount of stability.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
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Are you a monzo account holder? I HATE monzo accounts. You lot and your bloody pots! haha.
Trying to follow the money, you need a degree in forensic accounts.
Generally speaking most high street lenders are just looking for wages hitting the account, some might be looking for gambling/bounced DDs/undeclared commitments/going overdrawn and worst case scenario some lenders look to assign every transaction to one thing or another, but those lenders are usually more for people who have bad credit.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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