Tea & Mortgage #44: Mortgage approval killers: What lenders see in your bank statements.

What Do Banks Look for in Your Bank Statements When Applying for a Mortgage?

Your income might determine how much you can potentially borrow, but your bank statements can play a major part in whether a lender is comfortable approving your mortgage.

In this episode of the Tea & Mortgage Podcast, Norm Schriever talks with John Coleman of JC Mortgages about what mortgage lenders actually look for when reviewing your bank statements — and some of the transactions and habits that can create questions, delays or problems with an application.

John explains why one of the most important things you can demonstrate is repayment capacity. Lenders want to see clear evidence that you can comfortably afford the proposed monthly mortgage repayment, typically through a combination of rent payments and regular savings.

In this episode, we discuss:

• What lenders look for on your bank statements
 • Why consistent monthly savings matter
 • How rent payments can help demonstrate repayment capacity
 • Why the description on a rent transfer can matter
 • How far back banks normally review your accounts
 • Whether one missed direct debit can ruin a mortgage application
 • How lenders view overdrafts
 • Cash withdrawals and unexplained cash lodgements
 • Gambling transactions and mortgage applications
 • Why Revolut statements still need to be disclosed
 • How banks may treat cryptocurrency transactions
 • Bonuses, commission and lump-sum payments
 • Sending money to family abroad
 • What to do if your bank statements aren't currently mortgage-ready

One of John's main pieces of advice is simple: make your bank statements as clear and easy to understand as possible.

The aim isn't to have a completely unrealistic financial life. It's to present an application where a mortgage underwriter can clearly see your income, your commitments, your rent or savings, and your ability to afford the proposed mortgage repayment.

And if your accounts aren't perfect today, that doesn't necessarily mean you have to abandon your plans. JC Mortgages can review your current bank statements, identify potential issues and help you understand what you may need to improve before submitting an application.

If you're planning to apply for a mortgage in Ireland and would like help understanding where you currently stand, get in touch with JC Mortgages.

Subscribe for more straightforward mortgage advice from John and the JC Mortgages team.

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👉 Want to understand your options?
Visit: https://www.jcmortgages.ie

Or contact us if you have any questions or need anything at all!

- 𝘑𝘰𝘩𝘯 𝘊𝘰𝘭𝘦𝘮𝘢𝘯

JC Mortgages
☎️ 01-8102032
📲 086 3970039
📩 john@jcmortgages.ie