Keep Current Account Topped Up?
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Grezz24
Posts: 232 Forumite
Hi All,
me and my wife are currently saving £1000 per month towards our deposit for a home, however this is the extreme of what we can save, we worked out all our bills and money for food etc and then agreed we could save £1000.
This is transferred out of my account the moment i get paid, and once we spend what is left we 'go without'.
This means that my account regularly runs down to just above £0 (dont use my overdraft).
Will this look bad on a mortgage application, or will they see that i'm transferring the money out and that once the deposit is paid we wont need to save that level?
Should i be leaving some in my current account to show we are not hitting our available cash limit?
me and my wife are currently saving £1000 per month towards our deposit for a home, however this is the extreme of what we can save, we worked out all our bills and money for food etc and then agreed we could save £1000.
This is transferred out of my account the moment i get paid, and once we spend what is left we 'go without'.
This means that my account regularly runs down to just above £0 (dont use my overdraft).
Will this look bad on a mortgage application, or will they see that i'm transferring the money out and that once the deposit is paid we wont need to save that level?
Should i be leaving some in my current account to show we are not hitting our available cash limit?
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Comments
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Hi Grezz,
I can only go off my experience which is similiar, we would put most of our money straight to savings accounts.
Our current account balance would always stay around the £300 mark and our joint account (after bills) would stay around £500 mark. We got a mortgage offer fine and had no questions on our current account balances.
Hope this helps.Bought First Home - June 2018 Starting £218,500 June 2020 £203,800.95 :T MFW 2020 #78 - Target £3000 - So far... £2182/£3000
Ultimate Goal MFW by 40! - 20330 -
It will make no difference.Hi All,
me and my wife are currently saving £1000 per month towards our deposit for a home, however this is the extreme of what we can save, we worked out all our bills and money for food etc and then agreed we could save £1000.
This is transferred out of my account the moment i get paid, and once we spend what is left we 'go without'.
This means that my account regularly runs down to just above £0 (dont use my overdraft).
Will this look bad on a mortgage application, or will they see that i'm transferring the money out and that once the deposit is paid we wont need to save that level?
Should i be leaving some in my current account to show we are not hitting our available cash limit?I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »It will make no difference.
Even if they want to see bank statements etc?0 -
Yep.
There is no metric for how much is left in a current account at the end of the month.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Great thanks0
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