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The typical timeframe is the last six years, but there are many different factors that lenders look at when reviewing your mortgage application. As I mentioned above, lenders look at your debt-to-income ratio when considering. to give yourself the best chance of getting approved.
The key for a mortgage applicant is how these facilities are managed. For example, having an overdraft facility and occasionally using it, is not inherently a bad thing; regularly exceeding the overdraft limit – not so good. Thus, lenders will look for excess overdraft fees.
· Lender’s Perspective. Lenders have the discretion to request your bank statements or seek VOD from your bank; some lenders do both. Lenders that use both VODs and bank statements to determine mortgage eligibility do so to satisfy the requirements of some government-insured loans where the source of down payment funds must be known for mortgage.
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What do Lenders look for? Lenders look at many different things when a buyer applies for a loan. They will look at the proposed payment, the debt to income ratios, the borrower’s savings ability, and of course your credit history.
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The lender will go through the list of transactions and look closely for any bounced direct debits or standing orders. Income in (opening balance) compared to the expenditure (closing balance) to see if you are living within your means and are in the position to take on the added commitment of a mortgage.