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Lender Checks on Bank Statements

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ak07906
ak07906 Posts: 11 Forumite
First Anniversary First Post
edited 16 February at 1:06PM in Mortgages & endowments
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!

Comments

  • grumpy_codger
    grumpy_codger Posts: 1,013 Forumite
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    The main thing they want to see is your income.
  • MattMattMattUK
    MattMattMattUK Posts: 11,182 Forumite
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    ak07906 said:
    When submitting last few current account statements for a mortgage application, what do lenders want to see?
    No large cash withdrawals, no gambling, not using an overdraft and ideally a monthly surplus going into savings. No non-declared spending that looks like a regular/contractual outgoing.
    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.
    They may want to see those accounts as well.
    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?
    You will not be marked down for it, but they may want to see those other accounts.
  • Brie
    Brie Posts: 14,695 Ambassador
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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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  • ACG
    ACG Posts: 24,555 Forumite
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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 Adviser
    You 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.
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