LARGE OR UNEXPLAINED TRANSFERS
Significant sums moving in or out of your account without a clear reason can raise questions about undisclosed debts, informal loans, or financial arrangements that haven’t been declared. Lenders need to understand your full financial position to assess affordability.
IRREGULAR OR INCONSISTENT INCOME
For people with variable income, such as those on commission or freelance work, lenders look for predictability. If income fluctuates widely without a clear pattern, it may prompt further questions. Supporting documents, such as invoices or payslips, can help provide reassurance.
MISSED PAYMENTS
Late payments for small items like subscriptions may seem trivial, but they can indicate struggles with day-to-day money management. A single slip is unlikely to cause an issue, but repeated missed payments can weaken a lender’s confidence.
THE BIGGER PICTURE
It is important to remember that no single entry on a statement is judged in isolation. Lenders look at overall stability, consistency, and whether your outgoings appear well managed. Occasional oddities are not unusual. What matters is the general pattern.
HOW TO PREPARE YOUR STATEMENTS
You cannot change the past, but you can take sensible steps to present your finances clearly and avoid unnecessary delays. These include:
l Ensuring all bills are paid on time. l Keeping a buffer in your account where possible.
l Avoiding new borrowing in the months before applying.
l Being ready to explain any irregular transactions. 47
If you know your income varies from month to month, preparing evidence upfront can make the process smoother.
WHY THIS MATTERS
For many first-time buyers and home movers, the mortgage application process can feel daunting. Bank statements are designed to help lenders check that repayments will be sustainable, not to catch people out. Understanding what lenders look for can make the process far less overwhelming and help your application progress more smoothly.
Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
For further information please contact Peter Hunt on: 0121 503 0961
www.moneywatchfinance.com
Peter is one of the panel experts for the Grand Designs live TV show and has been recognised in the Times Vouched For guide to the UK’s top rated financial advisers every year since 2019
LIVE24-SEVEN.COM
THE MIDLANDS PROPERT Y GUIDE MONEYWATCH FINANCE
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