Mortgage help

[shoesandshows]

I don't want to divulge too much detail but I have a question as I'm worried a mortgage won't be accepted due to bank statements.

My partner and I are now in the very fortunate position to buy a house (having just inherited a large amount of money to be used as a deposit) and we've just applied for a mortgage. We've been accepted in principle, now they want to look at our bank statements.

What do they actually look for when they look through your bank statements? We go out to eat a lot, we have social lives at the pub etc. I am worried we're going to be rejected because we spend lots out?

Is that a thing?
We didn't know 3 months ago that would be in this position and of course now have started to change these ways to spend less money out but of course 3 months ago we didn't.

Help put my mind at ease!!

They will be looking for any mandatory spends such as paying off debts. Your social life will be fine it is assumed that you will sacrifice this to pay your mortgage.

Mainly it’s your bills, but if you want to pay for a house I would cut back to at optional spending

Ahh that's exciting!

We were told they were looking to see that we'd been honest when doing the mortgage questions (about how much we spent on bills / saved etc) but also they were looking for risky behaviours or unexplained cash deposits / withdrawals that would be suspicious. So things like a couple of thousand pounds just appearing, or lots of varying amounts going to gambling sites (my DH does a weekly football bet of £10 or so and that's it, which was absolutely fine - apparently they're checking for people chasing their money or depositing huge amounts) and also just looking at general spending habits.

Social life should be fine! I spend ££ online shopping and our first mortgage was fine 😂 this most recent one didn't even need bank statements. I remember the same panic when our first mortgage asked for them! Luckily my shopping habit didn't throw up any issues haha

Sorry to hear about the death of a loved one 💐

Separately, lovely to have a good deposit for a house! (Are you sensibly ring fencing it?? No one ever goes into a relationship thinking it won't work out, but best to protect yourself financially as much as possible)

Bank Statements- It should all be fine as PP have said.

It's really not about how much you spend down the pub.

Best of Luck buying your new home & the security that gives you.

Thank you everyone that has made me feel better already ❤️❤️❤️

Yes I am protecting the money with the solicitors by doing a declaration of trust - so if we do split up and sell the house I get my half of the house sale plus the deposit money.

Trying not to get too ahead of ourselves as I wasn't sure if we'd be accepted but we are very excited thank you everyone xx

They'll be checking you were truthful about your income and that you don't have any regular outgoings like debt servicing that you didn't mention.