Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • dmo84
    • By dmo84 7th Feb 18, 7:48 AM
    • 55Posts
    • 3Thanks
    dmo84
    Cleaning up finances ahead of first time mortgage
    • #1
    • 7th Feb 18, 7:48 AM
    Cleaning up finances ahead of first time mortgage 7th Feb 18 at 7:48 AM
    Hi all

    So iv been cleaning up finances ahead of my first time mortgage application

    I have no loans, no credit cards (paid off), savings which I'm trying to to save hard over next 3-6 months.

    I want to get my general current accounts looking polished. Typically what do they scrutise most that could cause issues ?

    I bank with Lloyd's mainly been with them for over 15 years. Got 2 x current accounts one main where salary and bills out, the other one is for holding money between bills etc.

    I also have a current account with Halifax which I opened again just for somewhere to send and hold some money, my help to buy ISA is with Halifax.

    As I want to minimise what they would have to look in to would it be best to close the 3rd Halifax current account and just use 2 x Lloyd's ?


    I'll use this thread for any further questions

    Thanks all
Page 1
    • ACG
    • By ACG 7th Feb 18, 8:10 AM
    • 16,699 Posts
    • 8,681 Thanks
    ACG
    • #2
    • 7th Feb 18, 8:10 AM
    • #2
    • 7th Feb 18, 8:10 AM
    You are probably over thinking it, assuming you do not apply to lloyds/halifax or anyone else in the lloyds group they will usually want 3 months statements for your main account (where your wages go and bills get paid from).

    They will be looking for any commitments you have not disclosed and also that you are not spending too much on things like gambling etc.

    Anything else should be fine.
    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.
    • dmo84
    • By dmo84 10th Feb 18, 5:25 AM
    • 55 Posts
    • 3 Thanks
    dmo84
    • #3
    • 10th Feb 18, 5:25 AM
    • #3
    • 10th Feb 18, 5:25 AM
    Hi all,still thinking I should close the one halifax current account, what you think, also do they prefer to have a set buffer on your current account ?
    • amnblog
    • By amnblog 10th Feb 18, 10:04 AM
    • 10,410 Posts
    • 4,116 Thanks
    amnblog
    • #4
    • 10th Feb 18, 10:04 AM
    • #4
    • 10th Feb 18, 10:04 AM
    As stated.

    You are over thinking this and wasting your time.

    Run your banking as suits you.

    It will make next to no difference to mortgage applications
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • dmo84
    • By dmo84 10th Feb 18, 3:11 PM
    • 55 Posts
    • 3 Thanks
    dmo84
    • #5
    • 10th Feb 18, 3:11 PM
    • #5
    • 10th Feb 18, 3:11 PM
    OK thanks, its just what I have read from other people.

    Another question, this whole looking through the last 3 months of statements, when they say they look to see if your income stacks up and outgoings are reasonable. I am trying to build a bit of a buffer in my account, I dont use the overdraft feature per say, however there have been one or two times where I have had maybe a 50-100 overdraft, when not in use I cancel it off.

    With the whole "they are looking for gambling etc" do they literally mean that? gambling services? how are they with cash withdrawals?

    Thanks for further advice,

    Only reason I am overthinking this is because its what I am seeing when I read up.
    • kingstreet
    • By kingstreet 10th Feb 18, 3:16 PM
    • 33,180 Posts
    • 17,916 Thanks
    kingstreet
    • #6
    • 10th Feb 18, 3:16 PM
    • #6
    • 10th Feb 18, 3:16 PM
    I'm going to be the third practising mortgage broker to tell you this level of micro-management just isn't necessary.

    Irregular use of a small authorised overdraft is going to make no difference to most mortgage applications.

    To be an issue, lenders are looking for multiple, regular and high-value betting transactions which when averaged, can't be sustained like a hobby/pastime.

    Withdrawing your cash from your account is your business, no-one elses.
    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.
    • dmo84
    • By dmo84 10th Feb 18, 3:41 PM
    • 55 Posts
    • 3 Thanks
    dmo84
    • #7
    • 10th Feb 18, 3:41 PM
    • #7
    • 10th Feb 18, 3:41 PM
    Thank you, that's re-assuring.
    • ashe
    • By ashe 11th Feb 18, 10:12 PM
    • 519 Posts
    • 361 Thanks
    ashe
    • #8
    • 11th Feb 18, 10:12 PM
    • #8
    • 11th Feb 18, 10:12 PM
    I'm going to be the third practising mortgage broker to tell you this level of micro-management just isn't necessary.

    Irregular use of a small authorised overdraft is going to make no difference to most mortgage applications.

    To be an issue, lenders are looking for multiple, regular and high-value betting transactions which when averaged, can't be sustained like a hobby/pastime.

    Withdrawing your cash from your account is your business, no-one elses.
    Originally posted by kingstreet
    Are there any lenders that don't ask for statements if you pass initial credit checks well? my partner and I both do Matched Betting so we have 1-2k in gambling transactions going out each month, with the same amount coming back in and a profit recorded, however have read that they only count the money coming out not back in, which will obviously be a train wreck. If I had known this previously we would have stopped a long time ago to make accounts look better.

    We both have excellent credit history with no missed payments, no arrears etc. We'll be speaking to our mortgage broker in the middle of the week but be good to understand a rough idea of our chances or if we are going to have to wait 3 months too sort it out.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

90Posts Today

1,527Users online

Martin's Twitter
  • RT @mmhpi: Third time lucky? After being delayed twice, tomorrow MPs are due to debate our #RecoverySpace proposals in parliament. @helen_u?

  • Just a quick note. I've been overwhelmed by the strength of support by my campaign to stop facebook fake ads today? https://t.co/KexhjVVznY

  • RT @mmhpi: On the eve of tomorrow's #RecoverySpace debate in parliament, we just delivered our 10,000 letters to the Chancellor. People in?

  • Follow Martin