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What History of Bank Statements Do I Need for a Mortgage Application?

If you've recently switched bank accounts or don't have a long banking history, you might be worried about the banking history your mortgage lender will need! Here we'll explain the standard requirements and how they may vary according to your circumstances.

Bank Statements For a Mortgage Application: Are They Essential?

Most mortgage applications will require access to your bank statements, but if you have other ways to prove your income, such as payslips or P60s, they might not be necessary.

A lot depends on what sort of mortgage you are applying for and the lending criteria for your chosen lender.

Here we'll run through the typical requirements for bank statements when applying for a mortgage. If you have any difficulties with providing a financial history, give the mortgage advisors team a call on 0330 304 3040, or email at [email protected], and we'll help you find suitable solutions!

Why Do I Need Bank Statements to Apply for a Mortgage?

The primary reason a mortgage lender might ask for bank statements is to help them assess your income and outgoings to check you can afford the repayments.

Affordability is an important metric. Even if you only need to provide basic information for the initial application, the underwriter will usually ask for more records to verify the details you have given.

Usually, the underwriter needs to check your bank statements for:

  • Funds to pay your deposit and application fees with.
  • Proof that you have sufficient income to cover the mortgage repayments.
  • A debt to income ratio, which shows your level of debt vs your earnings.
  • The sources of your deposit - with the lender tracing back your statements to verify where the deposit has come from.

Gifted deposits from close family members are usually acceptable. Lenders will often want to check where your deposit has come from to ensure it is a verifiable source.

Can A Mortgage Lender Reject my Application after a Bank Statement Review?

There might be some cases where a lender isn't happy with something they find on your bank statements. For example:

  • There are cash deposits that cannot be traced and could be money laundering.
  • Your deposit funds come from overseas or are a gift from an employer, which indicates possible fraud.
  • Income is received as proceeds from gambling.
  • You have a history of taking out payday loans.

Having any of these circumstances doesn't mean you can't get a mortgage. However, it does mean that you should consult an experienced broker to manage the application process for you to avoid being rejected.

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