Disclose all bank accounts with mortgage advisor

[sassyx]

Just that really! My partner and I have separate banks accounts and also a joint account. Our mortgage advisor so far has only asked us to provide our own personal bank statements. Do I need to disclose about our joint one? All our bills come out of our joint account

Ask your advisor?

Yes or else they wont be able to assess income against out goings. Presuming you have nothing to hide I dont see the issue? Wouldnt occur to me to be bothered.

@airtone by doing this I'm already disclosing 😂

@Sanch1 nothing major to hide, just the fact we've only just had to start paying childcare last month so if this is seen it'll bring our borrowing down by approx 50k 😫

Don’t be so silly

its about affordability, you need to disclose all bank statements and all expenses, it’s in your best interests

So you have something absolutely enormous to hide.

FFS.

If you fail to disclose, your advisor is hamstrung and you're a crap client for them.

@Worrywartandall it's not really being silly when once the fact I pay childcare is factored in they take approx 40-50k (depending on the lender) off what they will allow me to borrow, when my annual childcare costs are only approx 2k a year. Make that make sense!!

I pay more now renting than I would with a mortgage so I'm fully aware of what I can afford.

@ButtSurgery I started the process before having to pay childcare so didn't technically have anything to hide but due to unforeseen circumstances I'm now having too

Yes it is silly, and that’s me being very kind. It’s actually ignorant and stupid

why would you not disclose your outgoings? The bank as a regulatory commitment to responsible lending.

the 40/50k is over the duration of the loan. Not in the short term.

it Is not about you attesting to what you can pay, it’s what is demonstrable from a bank lending point of view. You cannot self cert, that is what caused the 2008 crash. The bank needs to asses your default risk. This is even more important in a high rate environment

Also they will credit score you and they’ll be able to see from Experian or the other cra how many bank accounts you’ve got, so they’ll find out, likewise with our outgoings the banks will report on that. So you might as well be upfront and act in good faith

Mortgage fraud!

It was simply a question as I already started the process before having to pay childcare and due to unforeseen circumstances I'm now having to, so I wasn't sure where I stood having already begun the process.

Over the duration of the loan.. right so the duration of the loan is 30 years, childcare fees are for 2 years? How on earth can they even do that. Absolutely baffling

You don’t seem to understand affordability. Perhaps a mortgage isn’t right for you.

@Worrywartandall excellent advice!! Cheers

I make mortgages for a living so people who think like you’ve shown yourself to, are our worst nightmare. Setting yourself up for failure

I have several bank accounts, they only asked for the main bank accounts at the time we applied for a mortgage. I was a bit worried at the time as I used one of the accounts for matched betting, but they didn't ask for details even though it was on my credit record as an open account.

They did however ask if we had any regular outgoings (IE childcare) changing in the near future.

@Worrywartandall clearly not a people person. Can't expect everyone to know everything about mortgages else you'd be out of a job! Can I not ask a question without being penalised? Who said I was not going to disclose? It was simply a question. Clearly haven't had a mortgage before or even spoke to a broker before a few months ago, so forgive me for not being fully knowledgable compared to yourself who does it for a living

isnt It common sense, you’re borrowing tens of thousands of £s, you need to be honest on your outgoings, it is for your own benefit. Please don’t lie.

if you get found out, you’ve committed fraud, and nullified a condition of your mortgage. Even if you don’t and you’ve bitten off more than you can chew, is you can fall into arrears and things can snowball very quickly. I don’t want that for you

@Worrywartandall no it doesn't really make sense to me if I'm honest. I don't get why they take off 50k when like I said, my childcare is only 2k annually and will be the case for 2 years before starting school (if current situation persists). Now that I know what the outcome would be having not fully disclosed, I could never. But I can totally see why others do.

They are there to advise you and can’t do that if you’re not honest. Also it could be fraudulent if you don’t disclose everything. They also have a duty to protect you to make sure you aren’t overstretched and end up in a position where you could lose the house.

As a rule for everyone, the bank isn’t the bad guy, they have to act in what they believe is in the customers best interests (it’s to protect themselves too)

it’s because the monthly cost, £170 a month, is roughly the extra cost of borrowing a further 40k. They will factor your dependents in too. Plus you’re arranging your mortgage for now, presumably on a fix, which will be the childcare years.

If it bothers you that much then you will have to wait 2 years before taking out a mortgage. Otherwise that’s unfortunately how it works and it’s all factored in.

Your joint account is still a personal account though so of course it is disclosed.

But it doesn't matter what you can actually afford unfortunately it is whether you meet their affordability criteria

Non disclosure is fraudulent as has been mentioned and the bank can call for the loan to be repaid immediately. You would then be in a position where you may need to disclose this in future were it to happen.

£2k is unfathomably low and you’d pay more if that fell through. You need to disclose childcare costs or you’re committing fraud. HTH

Yes, they will ask you for them.
Not sure why they have not asked yet, but they will get your monthly bills from there, which they need to check how much spare money you have at the end of each month.
Maybe they will ask you to list them instead?