Reply to: Contractor mortgage bank statements

[Freelancer Financials]

Hi Pippin, Regardless of whether you go direct to a lender or use a mortgage broker to arrange your mortgage, you will need to provide bank statements to assess your affordability based on your living cost, expenditure and credit commitments. This is essentially compliance required to ascertain whether you can afford the mortgage loan.

Most lenders have mortgage affordability calculators on their web sites, so you can input your earnings and expenses and it calculates how much you can borrow and hence afford.

Or just contact a mortgage broker who will hold your hand throughout the whole process.

[Mark McBurney@CMME]

Hi Pippin,

I'd recommend speaking to a broker who can help understand the reason why any lender could potentially ask for the bank statements. It really is very risky based on the information that you've provided to go with a bit of a 'pot luck' approach, as there are a number of reasons why one lender will ask for something, and another lender wouldn't.

Sadly many people don't realise this until it's literally too late, so it is worth at the very least an initial chat with a specialist broker.

Good luck!

Mark

[vetran]

Unfortunately there are no parties in England who want to stop this as they are scared of losing votes.

too true

[SueEllen]

realist

why subsidise someone who doesn't need it when we could buy some cancer drugs etc with the money?

Its like winning the lottery getting a council house and it skews the figures.

Unfortunately there are no parties in England who want to stop this as they are scared of losing votes.

[SueEllen]

If you never have used a credit card your credit score is likely to be quite poor. No history is also bad.
Agencies look at how quickly you pay back your creditcard bills and use it for their scoring

Having a loan and paid it back on time can help as well.

Plus I hope you are on the electoral roll as even if you have had credit cards/loan and paid them back, not being on this will effect you.

[vetran]

Socialist!

realist

why subsidise someone who doesn't need it when we could buy some cancer drugs etc with the money?

Its like winning the lottery getting a council house and it skews the figures.

[Eirikur]

Ie i've never bumped up against my overdraft or used credit cards etc, my credit score is clean as a whistle. And i'm just saying that its not easy in this country fuel bills, shopping etc adds up.

If you never have used a credit card your credit score is likely to be quite poor. No history is also bad.
Agencies look at how quickly you pay back your creditcard bills and use it for their scoring

[GlenW]

Ie i've never bumped up against my overdraft or used credit cards etc, my credit score is clean as a whistle. And i'm just saying that its not easy in this country fuel bills, shopping etc adds up.

Right, I now understand what you are saying, but why are you saying it?

[pippin123]

Ie i've never bumped up against my overdraft or used credit cards etc, my credit score is clean as a whistle. And i'm just saying that its not easy in this country fuel bills, shopping etc adds up.

[GlenW]

I've never gone into overdraft, and travel costs, rent, fuel, car insurance etc.

Not a clue what this means. How do you go into travel costs, rent, fuel or car insurance?

[pippin123]

I've never gone into overdraft, and travel costs, rent, fuel, car insurance etc.

[OwlHoot]

...........

With a mortgage application, or any loan such as a car loan, the main reason they look at bank statements is to see if you are maxing out each month.

They'll take a dim view of a bank statement that shows you regularly bumping up against your credit/overdraft limit.

[DannyF1966]

I like the way he's removed the text of his post but the whole thing is then quoted in the first reply

[TheFaQQer]

How do you know he hasn't? And is this not a bit personal?

If he has a decent bank balance, why would he be asking about problems with a bank balance?

[FatLazyContractor]

I doubt any of the nice old pensioners on the street have done him in.

That's more dangerous innit? The bait for chavs is all around your bro!