What Lenders Look For on Your Banks statements - Advice from Nottingham Money Man

What Lenders Look For on Your Banks statements

Mortgage Lenders & Your Bank Statements

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

Customers can at times get nervous about their bank accounts when they come to provide statements ahead of a mortgage application. Should you be considering applying for a mortgage in the near future then take some time to tidy up your account now to give your future application the best possible chance of success.

Following the ‘Mortgage Market Review 2014’ lenders started paying a lot more attention into customer’s outgoings. In 2014 when this was all brand new, its fair to say now that some Lenders went overboard in some of their ‘deep analysis’ of outgoings, you may recall some of the headlines at that time;

My mortgage provider wants me to tell them how much I pay for haircuts & eating out

The availability of ‘statistics’ is greater these days and there is rich data avialable to Lenders from the Office of National Statistics and other sources to estimate some of those outgoings.

Take steps to help your chances of your mortgage application being accepted.  If you are asking 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, but don’t exceed your agreed limit. If you have exceeded your limit then, if it’s a one-off with a good explanation then it’s still possible that you will be accepted.

What Lenders Look For on Your Banks statements – Gambling!

Gambling is something that many Lenders have an issue with. If it is very small amounts then it’s often ok, but 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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