Food & Drink1 min ago
Loan requirements questions?
I have been accepted for a loan which now requires me to produce:
1. Bank statement (2months)
2. Wage slips (2 months)
3.Rental contract.
My question is,1. how will it affect me is that bank statement doesnt reflect my monthly wage in as it is use for my outgoing bills and it is still a student account. 2. My rental contract is a half a year kind of contract although i have been staying there almost 2 years. or What should i expect.My loan company is london scottish bank.
Any explainations is appreciated.
Answers
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1. In asking for your bank statements, the lenders are not looking so much to see your salary paid in, more to see that you run the account in a satisafctory manner. Like to see that it's kept within any overdraft facility, no unpaid cheque/direct debits, that kind of thing.
2. Your rental contract will at the very least include the name and address of your landlord, so the lenders could contact him or her and verify your address and also check whether you pay the rent on time (evidence of a regular payer!)
And your wage slips will just confirm fhe income that you gave at the time you applied for the loan.
But then I am a suspicious type ;-)
The wage slips (so long as they tie win with what you said you earnt on your application) and your rental contract are not a problem (to me at least).