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Bank statements: our top 10 tips to speed up your application

Lisa


Lisa, Head of Long Term Lending

Published 28.02.2019

I recently read an article1 that said getting a mortgage was one of the most stressful events a customer can experience, second only to getting a divorce.

Here at Precise Mortgages we understand it can be a nerve-wracking process and we’ve worked hard to make our process as simple as possible.

It can be really frustrating for you and your customer if we have to return their bank statements because they’re not consecutive, have insufficient or missing key information, or pose more questions than answers.

It can mean a delay while you speak with your customer to get the information we need, send it back to us and then give us time to relook at the case – a delay which can cause the customer unnecessary anxiety.

We appreciate that more customers are choosing to do their banking online, so we now accept the documents in a variety of ways, including:

  • Branch printed or online bank statements
  • Photocopies
  • Scanned images
  • Photographic images

To help you help us process your customer’s case as quickly as possible, we’ve put together this handy guide outlining the 10 most common reasons we have to request additional information or more statements.

  1. Fewer than the requested number of statements have been supplied.
  2. Statements aren’t consecutive or sequentially numbered, or there are missing periods.
  3. The bank or building society logo is missing (excluding internet statements or branch prints).
  4. The full bank account number and sort code aren’t shown.
  5. The customer’s name and address doesn’t match the application (both sole and joint accounts).
  6. The statement has no running balance.
  7. The statement doesn’t show evidence of regular credits, such as declared salary or self-employed income, rental income, etc.
  8. The statement has no expected outgoing activity, such as daily expenditure, current mortgage or rent payments, utility bills, etc.
  9. Where requested, the statement for the account nominated for the Direct Debit mortgage payment hasn’t been supplied.
  10. And for portfolio applications, statements demonstrating cashflow (buy to let rental income and mortgage payments) haven’t been supplied.

Click here to take a look at an example statement missing the points outlined above.

We’ll assess the conduct of the account for returned items, unpaid Direct Debits, overdraft exceeding agreed limit, undisclosed commitments, etc. Where these are evident, an explanation for the conduct in advance can help us speed up the process.

If you’ve got any questions, please contact a member of the team on 0800 116 4385 who will be happy to help.

Source: 1https://www.thisismoney.co.uk/money/mortgageshome/article-3390039/Only-one-thing-stressful-buying-home-finds-survey-divorce.html


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