To ask about mortgage applications - what do mortgage lenders look for in statements?

[Chocolatefrogs]

I’ll be applying for a mortgage soon and I just wondered what lenders tend to look for in applicants’ bank statements.

I know the general rule is that lenders ask for around 3 months of bank statements and they’ll be checking to see if the applicant can keep up with the mortgage payments.

I’ve always thought that lenders check the statements for things like whether the applicant uses their overdraft often, whether outgoings are higher than income and any payments that seem suspicious. Just wondered if there is anything they look for in statements? Thanks.

No overlimit fees
No unpaids
No gambling issues
Standing Order or Direct debits re other debt
Evidence of rental payments
Evidence of regular savings
Evidence of regular wages
Evidence of any other regular payment that needs to be factored in I.e. child maintenance, divorce payments etc

HTH

Thanks v much @ThirtyThrillionThreeTrees, that’s really helpful.

I have a main bank account, where my salary is paid into, and another account - Monzo - which I use for day-to-day spending e.g. food shopping, eating out etc. I tend to transfer a set amount of money at the start of each month, around pay day, from my main account to my Monzo account, but throughout the month, I sometimes transfer money between the two accounts.

Do you know if the mortgage lender will want to see bank statements for my main account and Monzo account?

Probably but I haven't worked in banking for years and not in the UK.

Banks don't really mind what you spend your money on, (except gambling), they just want to understand it so they can assess whether or not you can repay them.