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Your Bank

Statements

Your Bank Statements

Mortgage lenders require and assess your bank statements as part of the mortgage application process.

For your application, they will want to see the most recent three months' bank statements. It is crucial to supply your bank statements to the mortgage lender in the correct format.

If you still receive paper bank statements, they contain the necessary information and can be easily copied/scanned to your broker. Fortunately, with the prevalence of online banking, most major banks allow you to download your statements electronically. This speeds up the process as it eliminates the need to wait for physical mail and saves you the hassle of searching for archived statements.

Ensure that your statements display the bank's name, your name, all transactions (both inflow and outflow), and a running balance figure. If your address is included in the statements, it serves as one of the proof of address requirements, fulfilling a crucial criterion.

Remember, submit high-quality copies, and avoid using screenshots or photos.

Steps to download your Bank Statement

The steps mentioned here are generic and may vary slightly based on your bank's online banking interface. We have listed below some individual processes on how to download a statement. 

Click our step by step guide 'Download Online Bank Statements' which is listed by bank.

  1. Log into Your Online Banking Account
  2. Locate the 'Account' or 'Statements' Section
  3. Select the Desired Account and Time Period
  4. Choose the Download Option
  5. Verify and Save the Downloaded Statement
Could you get declined from a mortgage because of my bank statements?

Mortgage lenders have the authority to decline your application based on the information revealed in your bank statements. While they typically seek clarification or additional details, the outcome may hinge on the severity of the issues identified.

Here are the critical elements in your bank statements that could negatively impact your mortgage application:

    1. Bounced payments and returned cheques.
    2. Indications of excessive gambling
    3. Unexplained large deposits.
    4. Being overdrawn for large amounts of time.
    5. Proof of paying off a payday loan or undisclosed borrowing.
    6. Avoid any large purchases or moving substantial sums of money in the months leading up to your mortgage application, as this may raise concerns for some lenders.
    7. Using silly names as payment references can also affect lending.

Moreover, if you are unable to substantiate your deposit or demonstrate a consistent income flowing into your bank accounts, there is a substantial risk of facing rejection from the lender.

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