Mortgages ?

[toddswain]

Currently looking at houses with view to buying first house...

Do mortgage advisors check bank statements? Obv I have lots of deposits to betting sites, also to staking people. Could be hard work explaining?

Had a look online, can't find a definate answer, imagine people on here have been in similar situations

[Eso Kral]

With the MMR changes last year, lenders will look at all aspects of a bank statement and can take regular outgoings (hair salon, nails, clothes shopping) and class them the same as council tax etc and comes off your affordability.

You are better off cleaning that stuff off your statements for a few months to avoid question so if you have a diff acc to us just take the negative stuff to there.

[Woodsey]

They will probably want to see evidence where deposit has come from also, so get that settled in an account now you can print off a statement from easily later if you haven't already.

Having moved recently all I can add is they are a lot more picky and want to see more evidence of stuff than they were pre-financial crisis.

[vegaslover]

To be very blunt, as a first time buyer with the new MMR regulations, you could be fked with your current statements.

I got scrutinized last year for having a £10 deposit to the national lottery website.

The mortgage advisors themselves are fine, will look and ask but little else. The mortgage underwriters however will go through everything.

As woodsey and eso stated, if you have time try and get clean statements.

[DaveShoelace]

To be very blunt, as a first time buyer with the new MMR regulations, you could be fked with your current statements.

I got scrutinized last year for having a £10 deposit to the national lottery website.

The mortgage advisors themselves are fine, will look and ask but little else. The mortgage underwriters however will go through everything.

As woodsey and eso stated, if you have time try and get clean statements.

Jesus christ, that's ridic. In what way scrutinised if you dont mind me asking? As in you got a lower eligibility rating, or did they actually question you about it?

I'd also echo the clean statements. My mate who is a pro horse racey trader betfair fella had to do that.

[vegaslover]

To be very blunt, as a first time buyer with the new MMR regulations, you could be fked with your current statements.

I got scrutinized last year for having a £10 deposit to the national lottery website.

The mortgage advisors themselves are fine, will look and ask but little else. The mortgage underwriters however will go through everything.

As woodsey and eso stated, if you have time try and get clean statements.

Jesus christ, that's ridic. In what way scrutinised if you dont mind me asking? As in you got a lower eligibility rating, or did they actually question you about it?

I'd also echo the clean statements. My mate who is a pro horse racey trader betfair fella had to do that.

Yeah basically got asked how often I did the lottery as had a couple of £10 deposits on there.
Was told by an estate agent last week that a first time buying couple got turned down for a mortgage because they had paid a mobile phone bill late!! 

[toddswain]

Thanks for the help guys, stressing me out all this grown up stuff ha. Gonna just keep a clean account from now and try fade getting mortgage for 3 month.

[maccer2613]

I would echo what people have already said about the statements....I'm an IFA and one of the main issues is that there is no definitive answer as to what lenders ask for. They tend to have different requirements depending on your credit rating, amount of deposit and multiple of salary you are borrowing.

They don't tend to ask for more than 3 months statements but be prepared for them to query entries on there especially if the loan to value is over 80%.

Payments on any credit card , loan ,mortgage, mobile phone or catalogue need to be up to date with no missed or late payments in at least the last 12 months....it doesn't mean you won't get a mortgage if you're credits not as good but it's likely that a high street lender won't touch you...

To be honest (and I know you'd expect me to say it!) most people would be better off going through an independent broker in all but the most straight forward of cases...

Maccer

[vegaslover]

Thanks for the help guys, stressing me out all this grown up stuff ha. Gonna just keep a clean account from now and try fade getting mortgage for 3 month.

Probs worth you checking your credit score/history while you are at it. Can get it free if you go through a 3rd party. Even if you are sure your credit is fine, worth checking that there isn't any errors on your file. If there are it gives you time to get them amended.

[EvilPie]

Spot on advice with the credit history. Also make sure you're registered to vote or you've got no chance.

Just read this and do everything he says: http://www.moneysavingexpert.com/mortgages/boost-mortgage-chances

[toddswain]

Managed to get a mortgage in principle for the amount I want to borrow. Atleast now I know roughly what their willing to lend and can just focus on cleaning my accounts up over next few month. Aware that currently the mortgage in principle isn't worth a carrot with my current bank statements but it's good to know.

Thanks again for the help everyone

[Kmac84]

MMR is pretty bad for borrowers but in short as long as your not living in your overdraft every month then we're not paying that much attention to your bank statements. 

What we are looking at is undisclosed outgoings, standing orders etc. 

Large payments in and out may suggest money laundering but a plausible explanation and you should be fine. 

The big problem is we're not allowed use common sense. 

Who did you get the Decision in Principle through mate?

[toddswain]

My agreement in principle is with Halifax, they sent it today, said they'll offer me much more than I asked for :/ is this normal or has there been a mistake ?

Also it says once I'm ready to apply in full, I just need to provide name verification, address verification and two week payslips for my girlfriend and 6 week payslips for myself. Doesn't mention bank statements :/

They testing me ha ?

[vegaslover]

Yeah the max they are willing to lend you is pretty standard.

They don't appear to be asking for much at present, just go with it for now, you might get lucky and not get asked for much more

[Kmac84]

My agreement in principle is with Halifax, they sent it today, said they'll offer me much more than I asked for :/ is this normal or has there been a mistake ?

Also it says once I'm ready to apply in full, I just need to provide name verification, address verification and two week payslips for my girlfriend and 6 week payslips for myself. Doesn't mention bank statements :/

They testing me ha ?

Name and address id is generally requested if your not found on voters roll or if there are formatting issues with the address. 

6 weeks payslips suggests you are wanting to use overtime? 

I sent you a PM have a look at that.