It may be true that you can easily afford the mortgage repayments on a mortgage and you have a good steady income, but did you know that certain entries on your statement could potentially stop you from getting a mortgage?
One that will certainly get the alarm bells ringing is the use of a payday loan company, lenders will view these very cautiously and will see these as evidence that you are unable to manage your money on a monthly basis. The same can be said for bank overdrafts, even if you have an overdraft agreed with your bank, the fact that you use it can be seen as bad money management.
Do you like to dabble in a bit of gambling? Payments to Betfred, Ladbrokes and the like, will wave a red flag to the lender. It may be that you are successful with your bets, but lenders don’t like to see regular payments going out to bookmakers.
And something that might seem funny to your mates, could actually harm your chances of getting a mortgage. Friends transferring funds to you for say concert tickets or a meal out may think it’s hilarious to add titles like payment for the strip club or casino winnings or drugs money, but it really won’t do you any favours when the lender is going through your statement.
A lender will want to see your last 3 months’ worth of bank statement, so try and present them in the best light possible to give you the best chance of getting your mortgage application approved.
