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Original poster

Bank statements for mortgage

25 replies

savingshoes · 21/05/2019 01:15

I am looking into a mortgage and was asked for 3 months bank statements.
To be honest I think this is a vulgar violation of my privacy... to get access to my own online statements I go several security checks and now I'm being asked to download and share these details.
I don't even seem to get a choice... if I say no I can kiss goodbye to the mortgage.
Anyone blocked out the descriptions on their bank statements and still got a mortgage?

OP posts:
SpoonBlender · 21/05/2019 01:36

So you want someone to lend you perhaps several hundred thousand pounds, without doing their due diligence and making sure you can pay it back and don't have any obvious financially self-destructive tendencies?

Good luck. And never be a contractor looking for a mortgage - they like 3-5 years of back statements.

BritInUS1 · 21/05/2019 01:59

Lol you have to provide this information so that the mortgage company can see your financial history and ensure you can afford the mortgage and that you are not lying.

If you don't like it, don't get a mortgage

NorthernSpirit · 21/05/2019 02:04

Are you for real? I think this is a vulgar violation of privacy? Grow up.

You want to borrow thousands of pounds. The bank wants to check to have the means to pay the lending back.

I highly doubt if you block out transactions that would be deemed acceptable. It looks like you have something to hide.

Persimmonn · 21/05/2019 02:24

Unless you buying porn or lottery tickets by the dozen every day I don’t see what would be so private in your statements? Laundering money?

Absolutepowercorrupts · 21/05/2019 02:24

So you'd like a be able to get a mortgage on a property without proving that you can pay the money back. It doesn't happen like that, as pp have said the bank needs to know that you'll be able to make repayments.

lboogy · 21/05/2019 02:29

I see your point. Sharing your personal spending does feel contrary to banking privacy but the banks already have access and to this information. That's how credit scores work. It's just easier to assess your eligibility if you provide a statement.

Toddlerteaplease · 21/05/2019 02:33

I just ordered 3 months worth and they came in 18 separate envelopes! I doubt very much that they go through them very throughly.

WBWIFE · 21/05/2019 05:23

@Toddlerteaplease mine did. When I bought my firsthosue hey asked why in 2 weeks did I send x 2 payments of £12 to my dad. I explained for a takeaway around his.

They asked why I sent £400 to my sister and then she paid it back in at the end of the month. I advised i lent her it as a deposit for her wedding dress until she got paid. They were very thorough for me as a first time buyer.

The last 2 times with Halifax, probably not so much

WBWIFE · 21/05/2019 05:24

@savingshoes to them you are a huge risk until you prove otherwise. It's all part of the process.

They need to see what you are spending it on, you cannot block it out as they need to know what you spend on.

For all they know you could have a gambling addiction in which case you are high risk

BikeRunSki · 21/05/2019 05:27

It is not compulsory to apply for a mortgage. You are choosing to do so. One of the steps to this is providing evidence of your recent financial comings and goings. If you don’t wish to do so, feel free to fund your property some other way.

Gunpowder · 21/05/2019 05:45

Not all of them look at your statements. Worth getting a good broker who can advise.

MillStone · 21/05/2019 07:13

Interestingly, or not... I'm self employed and I was only asked for 3 months of business accounts.

That does prove my income (like wage slips) but it's not indicative of my spending habits and outgoings.

nwybhs · 21/05/2019 07:20

iAnyone blocked out the descriptions on their bank statements and still got a mortgage?

The whole point of it is so they can see where you money goes

OneRingToRuleThemAll · 21/05/2019 07:25

They need to reconcile the money you declared in income and outgoings match the reality. They are lending a huge amount of money for a long period of time and need to be sure you are good to pay it back.

Blobby10 · 21/05/2019 10:29

I felt the same when I had to do it! What made it even worse was the person on the other end of the phone who went through every item on said bank statements asking what it was for and could it be sacrificed in lieu of the mortgage. The best bit was when they queried my going out costs - they wouldn't believe that I spent less than £50 a month going out - I don't go out!! I cycle and keep fit at the gym and that is my social life. I don't drink or smoke and don't holiday abroad. (God I'm so boring!! Grin)

If I was someone who lived in my overdraft or very close to zero balance on my account I would have understood the caution but i've never been overdrawn in my life and have an excellent credit rating.

Original poster
savingshoes · 21/05/2019 11:15

Thank you for replying, how awful that they went through each item to ask you what and why you spending it.
I appreciate them perhaps challenging a large transaction but £12?! Especially if you have never been in your overdraft. Wow.

OP posts:
Original poster
savingshoes · 21/05/2019 11:18

Thank you for your reply. If they have my credit score and my payslips then why do they need the details of my day to day outgoings?

OP posts:
Toddlerteaplease · 21/05/2019 11:24

@WBWIFE I've been asked what a £1000 transaction from my dad was, but that's all. It was a gift to help with the deposit. If they are going through and asking what you could sacrifice, then that is not on!

Two4Tuesday · 21/05/2019 11:26

They need to be able to see that you will be able to pay your mortgage, it's as simple as that.

Your credit score may be good and your payslips will show what you earn, but your statements are going to show whether or not you will be able to manage the repayment amount each month against your other outgoings.

NotDavidTennant · 21/05/2019 11:31

If they have my credit score and my payslips then why do they need the details of my day to day outgoings?

Because they need to determine whether you can afford the repayments, and that means they need to know what your outgoings are.

lastqueenofscotland · 21/05/2019 21:26

Your payslips tell them nothing! Great you earn 2k a month but if £1800 of that goes straight to a bookies then it’s useles s

LorelaiRoryEmily · 21/05/2019 21:33

“A vulgar violation of my privacy”

That made me laugh out loudGrin of course they need to see how you spend your money. Why don’t you carry on renting and you can have all the financial privacy you want.

SarcasticMrKnowItAll · 21/05/2019 21:40

It’s not just about income anymore, they need to check it’s affordable. I work at a brokers and have lost count how many clients I’ve seen fail affordability based on their expenditure, childcare payments, gambling habits etc. Also, I wouldn’t advise trying to hide any details, they’ll just assume to have something to hide and will either decline your application or ask you to send them again with a lot more questions to answer.

SpoonBlender · 21/05/2019 23:31

Blobby They'll have no doubt thought you had too clean a bank account, triggering their 'faked books to impress the mortgage people' alerts.

NaomifromMilkshake · 21/05/2019 23:46

If we were to apply for a mortgage today, they would be horrified by my discretionary spending.

I have a Costa four to five days a week, I generally have a millionaires shortbread as well.

We have breakfast out most Saturdays, well DH does, I have a fried egg. ( eating issues following head and neck cancer.
We buy wine by the case.

We pay someone to do the garden (DH is currently doing thirteen hour days)

Amazon make a lot of money out of us.

I could go on, but I won't...

My point being we are mortgage free and those spends are what we can after 30 years hard slog, afford to "waste" but if I were assessing me if I had applied for a mortgage, I would be thinking really, like really, get a grip.

They need to know where your money is going.

They have a product, you want the product, they have criteria.

They are in the driving seat.

Quite easy really.

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