What Lenders Look For on Banks statements

Mortgage Lenders & Your Bank Statements

What Lenders Look For on Your Banks statements. Getting your bank statements mortgage ready. Not all Lenders ask to see bank statements as a matter of course, although all reserve the right to request them.

Mortgage customers can sometimes get nervous about their bank account when they come to provide statements ahead of applying for a mortgage. If you are considering applying for a mortgage sometime soon then invest some time in tidying up your account conduct now to give your future application the best possible chance of success.

Following the ‘Mortgage Market Review 2014’, where rules came into effect to ensure people take out a mortgage they can truly afford. Lenders began paying much more attention to customer’s outgoings.

Back in 2014 when this was all brand new, lenders were more than keen in some of their deep analysis of outgoings. You may recall some of the headlines at that time regarding “My mortgage provider wants me to tell them how much I pay for haircuts and eating out”. The availability of ‘statistics’ is greater these days and there is rich data available to Lenders from the Office of National Statistics and other sources to estimate some of those outgoings.

You can take steps to help improve your chances of your mortgage application being accepted.  If you are applying for a mortgage and you are bouncing direct debits and racking up bank charges then any Lender will frown upon that, so if that’s you then you’ll need to work on getting things in order.

Using an overdraft facility is usually ok, as long as you do not exceed your agreed limit. Even then, if it’s a one-off with a good explanation then it’s still possible that you will be accepted.

Avoid bank charges, particularly for missed payments, bounced cheques etc.

What Lenders Look For on Your Banks statements – Gambling!

Gambling is something that viewed poorly by lenders. If it is very small amounts then it’s often ok. If you gamble more regularly than that it would be wise to address this before applying.

It’s a good idea to get “mortgage-ready” before you find a property you are would like to purchase.  If you have any concerns about whether Lenders may have an issue with anything on your bank statements we would recommend you contact us sooner rather than later to avoid the disappointment of having an application declined.

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