Some Mortgage Lenders Do Not Need to See Bank Statements 2024
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Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
22.08.2024
Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
22.08.2024
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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