Mortgage Application - what do they look for when checking your current account

[PogoBob]

Planning on buying a house in the new year, have a 15% deposit saved and now focusing on what we need to do to make the application process as easy as possible.

Am I right in thinking that you have to provide a certain number of months statements of your current account as well as payslips? Does anyone know what they are actually looking for?

Also, I will be on maternity leave and am the only breadwinner (DH a SAHD) so am expecting that to cause it's own problems. However I will have confirmed my return to work before I go on maternity leave and will have a letter from work to confirm that.

TIA

we just provided p60 I think - don't think needed to provided any statments, and you are still employed even if on maternity leave so again I wouldn't worry too much

Thanks, the last time I bought a house (currently renting after selling it last Christmas) was at the start of the boom and it was pretty much a case of me saying how much I wanted and them saying yes!

Will you still be on full pay when applying for the mortgage? If not, you really will probably have issues when trying to get a mortgage, you would find it far easier applying either before you go on maternity or once you are back at work.

Would think they are interested not only in your salary, but also in what your general monthly expenses (both fixed costs and disposable income patterns over a period of time) so they know if you can afford the mortgage payments - and whether it will be a stretch or fairly easy for you.

Thanks both, we can live comfortably on our outgoing but can be a bit careless with money which makes our bank balance looking worse than it should be - will work on budgetting better

I will be on full pay for all but 1 month when on SMP alone, then returning to payroll and taking 7 weeks annual leave (lucky to get a good package). Will make sure mortgage application is timed right.

We recently remortgaged, they wanted payslips and bank statements but said the bank statements were to show proof of the wage being paid in to our accounts

Different lenders have different criteria, they each make their own requirements. Some will take current income, some will do better. It is best to talk to a mortgage consultant who can do the legwork for you, or spend a lot of time on the phone asking them yourselves...... Although I recently moved and natwest were happy with last 3 wage slips (which were still good for me) and confirmation from me that I intend to return.