I wish I knew I’d be applying for a mortgage 3 or 4 months ago. As I buy tools and spares. Screws nails fixings multi tool blades are considered consumables in the self employed sole trader. I wouldn’t think twice about buying another tool for the work I do. Hunting for a house and mortgage has only popped up in the last 2 months. And fuel over £100 p/W . That’s another massive expense that I have never thought too much about. Until now. Great content Michael. Thanks for everything you do for us all.
@Progressfs
3 жыл бұрын
No problem
@TheSansanyau
2 жыл бұрын
So helpful. I watched your first video about Habito One and I’m now in the underwriting process after having an offer accepted on a house. I’m excited and nervous at the same time but your video makes me feel better as I’ve had sleepless nights over this! Hopefully will get an offer next week. Thanks for your videos!
@Progressfs
2 жыл бұрын
Thank you for your kind words, hope you get there soon x
@xtxrx2349
16 күн бұрын
Great video
@mahbubaahmed529
3 жыл бұрын
Fantastic video as always, keep up the content I’m sure you’ll grow !
@Progressfs
3 жыл бұрын
Will do thankyou
@hillaryatterbury6173
Жыл бұрын
It was a great help
@clark5551
3 жыл бұрын
Why do mortgage companies not accept prints from your online account and demand original copies? Using monzo as a daily account it’s just not possible to get an “original”. Even tsb printed the exact same thing in the branch as I had from home yet my prints/ emailed copies were not acceptable. Wish this video was out 6months ago. Great videos.
@Progressfs
3 жыл бұрын
They don’t, the vast majority accept online pdf statements nowadays
@clark5551
3 жыл бұрын
Coventry building society certainly wouldn’t. Was a nightmare to sort out and lots of running around. Maybe I just need a better broker next time. :-).
@Progressfs
3 жыл бұрын
Maybe! They certainly do now as I use them regularly and always just send online ones to them
@joselesanroman
Ай бұрын
Thank you for the insightful video. I'm in the UK and in the process of getting a mortgage to buy a property. I'm getting the majority of the house deposit through a gift from parents, the rest I have in a LISA account and in bitcoin. When I'm asked to provide 3 months worth of bank statements as proof of source of funds, how is a bank statement any proof as I have not got any money for the deposit sitting in my bank account? Thanks
@chriswallace9626
2 жыл бұрын
Thanks for the video, was a great relief!What should I expect if all my day to day spending is on a cashback credit card and is paid off as a lump sum each month? Concerned that with Christmas recently I got a bonus and did a lot more spending than normal so it's a big payoff there compared to normal but not broken down on my bank statement as it just shows as one big credit card payment.
@Progressfs
2 жыл бұрын
Shouldn’t be an issue
@chelseafaye7799
3 жыл бұрын
I pay service charge and ground rent where I live now, but won’t be paying this when I buy my next property? So why do they count this into affordability?
@Progressfs
3 жыл бұрын
No if they stop then you can discount them
@berryboost-xs8fd
Жыл бұрын
Just applied for mortgage, can occasional gambling be a problem? No more than £10 per month but not gambled in 3 months, no overdrafts, no loans either. No cost of childcare or anything that would be a red flag. Deposit of 15% my income is 25k
@NevaJWilson25462
2 жыл бұрын
Okay, I don't have credit. But my prepaid cell with the same service is showing on my bank statementd.
@decks1662
Жыл бұрын
Me and my partner have help to buy ISA, we have a joint account with savings but transfer frequently between this account, does this look bad getting a mortgage? We are at underwriting stage and we also spend a lot on our cards but never go into over draft and pay our credit cards on time. Great videos Thankyou.
@Thevoiceofreason84
3 жыл бұрын
Do you see incoming transactions from customers from an online lockdown business set up where a current account has been used ?
@Progressfs
3 жыл бұрын
If the lender asks for those statements then yes they would see them. They may ask what they are for if they do
@DVVGroup
6 ай бұрын
Mate im using Revolut for main banking and my business hsbc sole trader for payments and expenses.... Which one to show
@donnakilroy2517
3 жыл бұрын
I am trying to get a mortgage on my own for the first time as husband left. Good equity, but got debt and on my own now. Never missed anything but struggling to get someone to help. Can’t find an honest answer 🤷🏼♀️ feels helpless. I’ve been paying it on my own for 7years
@Progressfs
3 жыл бұрын
What part of your situation is causing the issue? Are you trying to take over the existing mortgage on your own? It may be that you are failing the lenders affordability assessment. These situations can be tough. Happy to take a look at it once I return from holiday
@finenebula
3 жыл бұрын
If I wanted a bank to see everything... we wouldn't have multiple accounts. hahaha
@luswyr8254
10 ай бұрын
If you have a verbal bank accounts with different banks, do you only submit the one that your wage is paid into or in all of your bank accounts ?
@daniellestanley4092
9 ай бұрын
I have one overdraft fee within the last year but just so happens to be during the bank statements they are asking for. Is this an automatic denial?
@jaspalsingh4150
2 жыл бұрын
Does regular gambling payments have a negative impact?
@Progressfs
2 жыл бұрын
They can do if done to excess
@jamesgraham679
Жыл бұрын
Hello. Do they look at more than 6 months of bank statements?
@Progressfs
Жыл бұрын
Very unlikely
@nazarjonalamov6608
Жыл бұрын
Is it a red flag if you deposit $2,000 cash at once every week?
@DarrenM-ez1yw
2 жыл бұрын
Hi do you need to provide credit card statements as well
@Progressfs
2 жыл бұрын
No
@gritsnwavy3059
Жыл бұрын
What's a arranged overdraft?
@Progressfs
Жыл бұрын
When the bank agrees to give you an overdraft limit
@gritsnwavy3059
Жыл бұрын
@@Progressfs Oh okay. Thanks!
@jamzieth
3 жыл бұрын
Great video. I regularly overpay a loan I have and my credit card. Is this an issue or will they see the additional payments as optional?
@Progressfs
3 жыл бұрын
That’s a great thing to do. No it shouldn’t be an issue they should go off the required amount not what your choosing to pay
@hillaryatterbury6173
Жыл бұрын
How do i go about getting a business loan
@Progressfs
Жыл бұрын
Speak to a business loan provider or broker
@dizzybuiltit9138
2 жыл бұрын
Hi, thank you for the video. What lenders would you recommend for this? I'm looking for properties in North Carolina. Thank you
@Progressfs
2 жыл бұрын
Err I’m in the uk
@dizzybuiltit9138
2 жыл бұрын
@@Progressfs lol yes I just realized that, thanks for the reply anyway
@paulwain4248
3 жыл бұрын
Can I ask a question please :) . I've just passed my probation on my job - which means now ive got a pay increase. How would this work trying to get a mortgage right now as my wage slips would be based on my probation wage... Would the lender take into consideration my current monthly salary I'm on now or will they only take into consideration my salary that shows on my wage slips / bank statements???? .. I dont know weather to wait another 3 months so I have evidence on my bank statements / wage slips of my new salary. Hope this makes sense. Whats your thoughts on this?
@Progressfs
3 жыл бұрын
You will only need one wage slip on new salary and they will go off that, some will even accept it without the wage slip provided you have it in writing
@aravind4444
2 жыл бұрын
We like to submit bank statement, we recently sold plot abroad and transferred money to UK, would the Solicitor query about these transactions?
@Progressfs
2 жыл бұрын
Yes but shouldn’t be a problem, just have to check it’s all above board
@aravind4444
2 жыл бұрын
@@Progressfs Hi, Thanks Pal When I went to get the quote to keep things simple, to the question where is the deposit comes from? I said savings. I hope they don't mind when I explain later. I tried to keep all the transactions legitimate between abroad and UK. I transferred money from my personal account abroad to UK personal account. If they really want to see the sale of plot documents I can provide them, but in the country, I sold the plot sale price and registration price are not the same. that is the only concern I have.
@sathiyanarayanan9364
10 ай бұрын
Hi Aravind did you got successful in your mortgage application
@aravind4444
10 ай бұрын
@@sathiyanarayanan9364 Yes, tbf They have only requested for three months statements. Fund transferred were before three months so didn’t had issues
@kylegray3789
3 жыл бұрын
First like and first comment
@Progressfs
3 жыл бұрын
You superstar lol! What did you think of the video?
@lifeofranco
6 ай бұрын
hey, at the moment trading212 is paying 5.2% interest in uninvested cash. if i park my money there and bring it back just before applying for mortgage, would that be a problem?
@KH-sp1ld
3 жыл бұрын
Hello is it possible to ask a question please. I am applying for a mortgage as soon as I have found a home. We currently have a DIP in place. My worry is, is I spend regular on my credit card in order to build credit and pay in full every month more than I use my current account. Will the bank ask to see my credit card statements? Another question I have quite a few transfers on my bank account every month between me and my partner will this also be a problem? It’s small amount like £20 here or there. Thank you
@Progressfs
3 жыл бұрын
Neither are an issue at all. They won’t ask to see credit card statements
@KH-sp1ld
3 жыл бұрын
@@Progressfs thank you so much for replying
@nigeldenning4518
2 жыл бұрын
Hi mate not sure if you will reply but I’m getting a mortgage and they want 3 months worth of bank statements and on my last two it will have my 500 overdraft but it’s paid off now, will that effect being accepted and my partner is selling her flat so the deposit will be from that sale. Just a bit nervous. Love the channel btw
@Lucyluxor
2 жыл бұрын
Do you have to keep a certain amount in your account i put everything left over in my savings
@Progressfs
2 жыл бұрын
No not at all
@todanrg3
2 жыл бұрын
Is having profit from cryptocurrency a bad thing in underwriters eyes? Can be used for deposit?
@Progressfs
2 жыл бұрын
Some lenders accept it some dont
@RebeccaFinch2410
2 жыл бұрын
Hi, would dipping into a £250 arranged overdraft affect my application ? - I am putting away £1000 a month for a deposit.
@Progressfs
2 жыл бұрын
No not at all if it’s arranged
@mikeharris1041
Жыл бұрын
Hello i have a question. Me , my father and my brother was approved by house mortgage. But i have a problem with my bank statements as. I was gambling before we get pre approved. But I was just supporting my father on this mortgage. Will that accept my final approval? Even if im not the principal buyer? Are we fetting declined?
@Progressfs
Жыл бұрын
It’s impossible to say! It could mean decline but it might also be fine, will depend what view the underwriter takes
@weegie558
2 жыл бұрын
Hi mate your videos have given us hope of getting approved for a mortgage we now have a 10% deposit and I'm still adding to it through a LISA, I've now satisfied a 3 year old ccj and have built around 5 years of good history with no defaults. A few wee Qs, on top of my salary I receive an armed forces guaranteed income payment each month which is index linked, do I include this with my salary or declare it as separate income and would a lender require proof of the award eg the original decision letter from AFCS?
@Progressfs
2 жыл бұрын
Is it a pension? Add it to main income, but ultimately it will depend which lender. Yes the will want some paperwork to evidence it
@weegie558
2 жыл бұрын
@@Progressfs it's a compensation payment but it's lifetime so I imagine it's treated the same way as a pension. Thank you.
@saz6511
2 жыл бұрын
I’m due to go on holiday but my friend has booked it so I will be sending him the money for my half will this be a problem? It’s only £300 and I will put holiday money as reference
@Progressfs
2 жыл бұрын
No won’t be an issue
@johnlenon5052
2 жыл бұрын
I've been forced to apply for mortgage by a family member all of a sudden this month. I do not know much about the process and have quite a few gambling transactions on account in the past 3 months because I'd never anticipated having to do a mortgage application, certainly not this year. I've submitted documents and now I'm in the process of completing a full application. Never had debt issues or bad scores but now I am quite concerned as I find out more about underwriting proceduees and more. Is there anything worse that could happen besides getting declined? Thank you.
@Progressfs
2 жыл бұрын
No nothing bad other than a no, sure you’ll be fine and if not reach out to me
@MohAW007
Жыл бұрын
@@Progressfs how to contact you please tell me. Thanks
@Progressfs
Жыл бұрын
@@MohAW007 enquiries@progressfs.co.uk
@OnlyBDR
Жыл бұрын
Did you get accepted in the end? I’m in the same boat and quite worried that I’ll get declined even tho I’ve never been in debt and have a great credit score
@Karthik-kp9pp
2 жыл бұрын
One Direct debit bounced is that gonna affect mortgage application?
@Progressfs
2 жыл бұрын
It depends really on how strong your case is and how high the loan to value is
@Karthik-kp9pp
2 жыл бұрын
@@Progressfs thank you
@darrenlaidlaw5530
2 жыл бұрын
I have recently been promoted and started today, getting a extra £23k/year (£43k total). Would i have to wait 3 month to show this with bank statements?
@Progressfs
2 жыл бұрын
No once you have first payslip you’ll be fine
@shamali5862
2 жыл бұрын
Hi I just submitted my application and have 1 adverse credit what's was a 650pound and it came under a loan what's gets removed in Aug 2022 would I be ok and my mortgage application goes ok can you let me know thanks mate
@Progressfs
2 жыл бұрын
Good luck, hope it goes ok
@oliantoska7939
2 жыл бұрын
please help i have saved 40k for a morgage, but they have said my credit limit is no good please help
@Progressfs
2 жыл бұрын
Happy to take a look, send me an email
@rafferreira2852
2 жыл бұрын
60 percent of my wage is from overtime, will they accept it ?
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