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Mortgage and bank statements

(2 Posts)
JadeFeather Wed 23-Mar-16 06:54:37

Hi all,
I am applying for a mortgage. Excellent credit rating, good salary, never been in overdraft, had a mortgage on my BTL property which I've now sold etc. My only issue potentially could be bank statements. I have savings of over 50k. Over the last year I have done a lot of travelling, shopping etc because I could afford to and I knew all of this would become less likely once I have a mortgage. My outgoings have generally matched my income. I live at home with parents, contribute a small amount towards bills and do food shopping but obviously this amount doesn't equate to a mortgage/ rent payment. I'm taking what I expect to be my last "big" trip for some time next week and this will obviously be reflected in my most recent bank statements. How much of an issue is this going to be? I wouldn't have been doing this spending had I not already had in place the savings I needed.

shoeaddict83 Wed 23-Mar-16 10:36:05

i think the bank statements are so they can see you dont have anything hidden you arent telling them about - like maybe you are paying CSA monthly you haven't declared, or a loan is being paid back to a family member or something that is a regular payment but wouldnt show on a credit check. Its Just to check you have declared everything on your income and expenditure report so the 'disposable' left is a true figure before they decide if they can lend you the money for the mortgage.

My DP purchased a house a few years ago and had similar thing with having no income left at end of month as he was using it to buy furniture for new house and get back on his feet after a divorce, he was also in a rather large overdraft constantly and had no problems at all getting his mortgage.

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