Mortgage help required

N

nancyh

Guest
Hi guys,

need a bit of advice, I'm up the walls at the moment.

My partner and I recently got mortgage approval from EBS, we were told to give pay slips, P60, etc. etc. but I was told not to bother giving account statements as they are meaningless. Low and behold we get the approval, the bank has valued the property we wish to buy and I have a loan offer letter.

However,

the loan offer letter has a number of conditions, mostly simple, but one states that the loan offer is subject to

'satisfactory current account statements being issued to EBS prior to cheque issue'

I am so cheezed as I was told I didn't need these. What does 'satisfactory' mean?

My partner and I have done a lot to our current home (renovation - renting it out) therefore our accounts have been all over the place and slightly overdrawn for the past few months. Will this make a difference?

Surely they should have stipulated this earlier rather than waiting until after they issue the loan offer
 
It depends what "slightly overdrawn means". I think the main reason the banks look for the accounts is to see what's coming in and going out of it e.g. if you had a loan that you didn't tell them about and it was being paid by direct debit out of your account this would show up.
All you can really do is give them the statements and hope for the best. Your branch will tell you how far back the need.
 
Thanks, quick query. Do they mean statements of our joint account or do you have to give statements of all current accounts?
 
you only need to show them bank statements where your salaries are paid into and where your existing mortgage and/or declared loans are paid out.
So if both your salaries and loans go through the joint account, you will get away with just giving them that (if you are overdrawn that may well show up though)
 
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