Being prepared for your mortgage application well ahead of time is smart – but what should you do to get your finances in order? Darren Polson helps a prospective first-time buyer get mortgage ready
The Question
I am saving for my first home and hoping to achieve my goal by the end of 2026. I asked my best friend for some advice on their mortgage application experience, and they told me to get my bank statement looking pristine.
Do brokers/lenders check bank statements and, if so, what are they looking for? Is there anything I could in terms of my income and spending to improve my mortgage application? Thank you.
Darren’s Answer
It’s great to hear you are already preparing for your mortgage application.
Firstly, your friend gave you good advice – mortgage lenders do check your bank statements during the mortgage application process.
Most lenders will ask for three months of bank statements, to verify your:
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- Income – showing that it is paid and the amount/frequency
- Overdraft – to show you are budgeting effectively
- Management – checking that there is not unusual spending (such as a lot of cash in and out) or gambling transactions
- Regular payments – no unpaid debts or returned direct debits
Basically, lenders will use this in addition to proof of income to assess whether you can manage the financial commitment of a mortgage every month, based on how you manage your money now.
Since you’re aiming for 2026, you have plenty of time to prepare — and that’s a huge advantage
A few points to help you get prepared –
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- Ideally, be in stable employment with clear salary payments
- If you’re self-employed, ensure your income is consistent and well-documented
- Benefits should go through your main account, not a separate one, to help verify your affordability
- Manage your spending on lifestyle costs such as online shopping, takeaways and avoid any gambling transactions
- If you have an overdraft, avoid using it
In addition to the above, if you are saving regularly this will show discipline and good practice in the eyes of a lender.
Since your mortgage goal is end of 2026, you’re in a great position to build a very strong application – just be consistent.
Speak to a broker as soon as you can to give you some ideas of numbers and timescales which will help to define your goal.
Prior to the appointment, check out my article on preparing for your mortgage appointment.
Meet our expert…
Darren Polson is head of mortgage operations at Aberdein Considine. He has been writing a regular column for What Mortgage for over three years and every week he answers YOUR mortgage questions.
If you have a question for Darren please email kate.saines@emap.com or leave a message in the comments below.
