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Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
13.12.2023
Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
13.12.2023
For most residential mortgages, lenders typically ask applicants to provide bank statements for the past three months. However, some lenders including Santander, Halifax, and Virgin Money have informed applicants that they no longer need bank statements in 2024. These lenders are instead evaluating affordability based on the affordability calculator. While evidence of income is still required, they are not insisting on documentation of outgoings.In the case of bridging loans, lenders are more focused on the repayment plan, which outlines how and when the loan will be fully repaid, rather than on the borrower’s financial status or credit history. The value of the property securing the loan must be adequate to cover the loan amount.
Businesses seeking commercial mortgages are expected to present financial statements to demonstrate their business’s profitability and ability to manage mortgage payments. If the mortgage is for a property intended for leasing to commercial tenants, lenders require assurance that the projected rental income will suffice to meet mortgage repayments.
Investors in buy-to-let properties are required to present a robust business strategy, demonstrating that rental income will adequately cover mortgage payments.
While residential mortgage applications may be subject to less stringent financial documentation requirements, banks remain vigilant in ensuring borrowers’ capacity to repay the mortgage. This applies whether the borrower is an individual, a partnership, or a company; loan applications are likely to be declined if the lender is not convinced of the borrower’s ability to afford the mortgage.
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