mortgage application questions

[mooneypie]

I've got a MIP, and waiting for our telephone interview now. What sort of spending will they ask about? How exact do I need to be? Should I start going through credit card bills to work out what we spend a year on clothes, or is it just bills, gym membership etc?

Also should I wait to book our structural survey with their valuation survey (so combine both) or just get on and book our survey now?

TIA

Yes to the budgeting, I had all of mine in an Excel sheet. They may not ask for as much detail but it's useful to have

Ok so need to account for every bit over spending over last year?? Things like bills gym holidays and food I know, but what about small cash purchases or clothes. They are so variable. How will they want our evidence? Feel like I'm going for an exam😫

You want a broad average for clothing, entertainment etc. You don't need to say you spent £125 last month, £237 the one before etc.

We weren't asked about our expenditure in any level of detail at all! Just things like childcare, gym memberships etc (large regular payments).

Ok so they won't want copies of all our credit cards or receipts from cash purchases? I have all our regular bills so that should be fine phew 😅

Well ours certainly didn't (large high street bank). Not sure about other lenders!

I've never been asked for all credit card bills - maybe proof of the balance and bank statements will be requested along with proof of deposit etc.

Proof of all outstanding credit appears on your credit file and what you pay each month. You might only need your bank statement.

I wasn't asked for any expenditure info other than larger bills such as child care. The only documents they looked at were my bank statements showing income to check it married with what we said we earned. This was Halifax and my old mortgage with Santander was similar iirc.

*but then I've never had a telephone interview either so perhaps each mortgage company goes in to different levels of detail.

I had done a budget in any case, approx 20 types of monthly expenditure. Not at any huge detail, just rounded figures of where we spent, our banking manager just copied them down. That was a high street lender.

When we then went to an IFA, it was literally just commitments.

If you have a budget, you are at least prepared if they do ask for a little more detail.

Yeah all credit card balances etc appeared on our credit file so we didn't need that. There was one CC we'd just paid off that was still showing a balance on our credit file, so he just made a note on the system to say we'd cleared it.