mortgage with my own bank do i need a bank statement

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dmac

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Hi all, A property beside me is for sale and after viewing it i'm sure i will put in an offer, as i know the property well. i am currently looking at arranging mortgage approval, i have already been pre approved online with my bank. I am now currently getting all the documentation together and as i haven't had a bank statement in a while will i need to order one, i have my current account with them.
I've checked around and they are competitive with the mortgage and the amount i'm looking for is just over four times my income.

Another question is i'm sure they will try and sell the life and house insurance to me along with the mortgage but am i right in saying that i am not under any obligation to go with them on this and if i go elsewhere does this have to be in place before they approve me. If so i will start shopping around now.
 
dmac said:
Another question is i'm sure they will try and sell the life and house insurance to me along with the mortgage but am i right in saying that i am not under any obligation to go with them on this and if i go elsewhere does this have to be in place before they approve me.
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To the first part, no, you are under no obigation to take the life assurance they try to sell you. To the second part, no, you don't need cover to get approval, but you will need it in place before you can draw down the mortgage.
 
dmac said:
I am now currently getting all the documentation together and as i haven't had a bank statement in a while will i need to order one, i have my current account with them.
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Surely it's easier to just ask them directly? It may be that the mortgage application and current account will be dealt with by different staff so the former will need a statement. On the other hand maybe not. Only one way to find out.
Another question is i'm sure they will try and sell the life and house insurance to me along with the mortgage but am i right in saying that i am not under any obligation to go with them on this and if i go elsewhere does this have to be in place before they approve me. If so i will start shopping around now.
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You are certainly under no obligation to take mortgage protection life assurance and house insurance from the lender and normally you will save by not doing so. The cover just needs to be in place before the mortgage is drawn down and not before approval. Check out the many existing threads about mortgage protection life assurance and home insurance in particular this one:

Mortgage Protection and Mortgage Repayment Protection Policies

Post crossed with CCOVICH's.
 
If this is an investment property, rather than PPR, then why would you need life or mortgage protection?
 
I will be living in it with no plans to ever sell, thanks for the advice
 
Yes the property is beside me in the area i want to live and i've been looking for a while so hopefully all goes well and i get it the price is reasonable and have been approved for more than the asking price so if it becomes a bidding war i have something to play with
 
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