Renaming bank account for mortgage application

R

RichieRich

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Hi all - hope you're enjoying the long weekend.

My daughter is currently applying for a mortgage. She has a current account with her bank, along with a regular saver account. In addition, she has a second savings account with her bank that she uses for some surplus monthly funds. She titles it 'Additional Savings', however, she regularly dips into it (A statement for this account would show a mix of deposits and withdrawals). I know from my own mortgage that banks don't like to see a prospective lender 'dipping' into savings, so, given that it's not her primary savings account and more of a budget account, should she rename the account to something more appropriate, before submitting her mortgage application, to bolster her chances as much as possible? We were discussing it last night and I suggested renaming the account to 'Surplus' or 'Ancillary'?

Any other opinions or suggestions for a suitable name to call that account?

Many thanks
 
The most worrying thing for a loans officer, is when you find an applicant that does not behave like a normal individual, because you can be almost certain the application is rigged!

Normal people, dip into their savings it's what they are there for, they have the odd flutter on the horses, the dogs, the pools, they blow money on their hobbies etc... when that is absent, you can be sure you are not seeing the through picture of what is going on.

The important things you need to demonstrate:
- Your ability to repay the loan
- Your past behaviour in sticking to the rules of what ever financial agreements you signed up to
- The valuation and market ability of the property
- Adequate insurance

That account won't make a blind bit of difference to the decision.
 
Agree with Jim. Renaming it wouldn't help and could possibly trigger some suspicion.

She is right to be applying to her own bank for a mortgage.

But she should also apply to other banks as well.

Brendan
 
The name I would say is neither here nor there, those names you can allocate within online banking usually don't appear anywhere on the actual statements, they are only for your own convenience.
 
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