During my application for a mortgage the monthly payments made at the beginning of each month were questioned, I explained this contained all of my day-to-day expenses and it was a pre-paid card, the values were taken from my ‘legacy’ bank statements.
Just wondering if anyone’s applied for a mortgage while using Monzo as their current account, I know mortgage providers sometimes ask to view a statement prior to accepting an application. Considering you can edit the iOS spending export, I’m guessing there would be push back on any provider accepting that as a statement?
Yup!
The data export wouldn’t be considered a formal statement unfortunately 
There have been a couple of threads on this topic, I recommend you start here: Monzo Bank Statements (For Mortgages or anything else)
Hope that helps! 
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But what prevents you from modifying a PDF statement before printing it out, or scanning a hard-copy one and editing it? Same deal.
You can have security settings on a PDF.
The security setting may include password protection, certificate security, rights management security or no security.
Guessing this would mean a mortgage lender could check the authenticity, a CSV file is just raw data, easily editable.
A CSV file is also way out of the norm, try having that argument with a lender and they’ll just refuse you.
PDF security was broken years ago.
My mortgage was backed up by printouts from PDFs downloaded from the bank website… I could easily have made them all up, or edited them to be more favourable… I didn’t, because I wasn’t trying to fool anyone, but it’s extremely easy to fake this stuff if you wanted to.
It’s fear of the consequences plus the fact that most people are basically honest that keeps the system working.
A printout of a monzo transaction log, if it had enough detail, would probably suffice, depending on the bank. They’re looking for spending patterns not proof of exactly how much you spent on McDonalds last year.
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You think there’d be a digital solution to this… if only there was some system whereby entities could attest to the authentitcity of some data using an asymmetric key. 
Ah well, we all know physical paper and stamps is much more secure. No way to forge those!
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And whereby the lender could just automatically download and decrypt the data after you had provided them with a key…
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Which is an awful lot, thanks for enlightening me Monzo …
Looking to get a mortgage in the next year… I can’t see any reason why it would be an issue but would a Monzo current acc be viewed differently by a mortgage provider when compared to the high street retail bank e.g. Lloyds?
Thanks!
This is a frequent request. The main issue is the lack of paper statements. Some lenders may require this, others are more lenient
As far as I am aware Monzo don’t currently offer paper statements:
As far as I know that position hasn’t changed here.
My understanding is that for the current account, statements would be an option. I’d presume (at least in the short term), this would be something you’d go via the in-app chat for.
I really hope so because I’ll be in a similar situation imminently and have moved most things over to Monzo. I’m a little worried about this really. Hopefully someone at Monzo can clarify? :mondo:
Best to contact them through the in-app chat to ask (and post the answer here, so we all benefit!)
Oh absolutely, I would post it here for everyone. I probably won’t contact them until the actual need arises though - it isn’t something I need right now, but I know it will be coming at some point soon. Just not sure when. In the meantime, I’ll sit and hope it won’t be a problem waiting in store.
I’m just saying this because it may be best to plan ahead: If they can’t provide you with paper statements, then it might be an idea to open a bank account elsewhere, where you can get a paper statement. And you won’t have the chance to do that anymore, when you need the statement “tomorrow”.
One more thing to note: Allegedly lenders like to see stable banking relationships. I.e. they like it when you have bank accounts that several years old. The story goes that if you keep switching bank accounts you may be considered financially unstable. Whether that’s true, I can’t tell (it seem a bit ridiculous to me), and I seriously doubt that this alone will shut you out of your mortgage, but it might be a consideration to not open/close any bank accounts (and certainly no credit accounts) in the 6-12 months before applying for a mortgage out of an abundance of caution, and if you have a current account that you have open since your childhood, you may wish to consider not closing that one until after you have your mortgage.
They can’t seriously still think this with CASS and massive switching bonuses?!
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Good advice, thanks.
I’ve got my account with a legacy bank as well which is the one the majority of things (bill direct debits, etc) have been moved off of, which has been around for quite a while. Some things still come from there and I move over the necessary funds for those as needed. I certainly don’t plan on closing it in the immediate future, so no problems there.
I assumed any mortgage application would be interested in statements from both accounts, since both will be active and have part of the overall picture in them. I might clarify what the requirements might be though rather than assuming, and go from there.
Maybe. As I said: I’m not too convinced, but you read it over and over again. Also, given that the same banks that want us all moved to online only statements then request paper statements for mortgage applications, I would say they are not the most logical in their thinking …
Always worth asking. In my case they wanted statements of my account that had my salary coming in for the past 6 months (I had several current accounts at that time, and there were no outgoings from there: just apart salary in, standing orders out the next day to distribute full amount to three other accounts, each month), plus proof of deposit (which was in a high-interest paying account that nothing else was going in our out). Altogether there were no more than two dozen transactions on those 6 months worth of statements combined. They had no interest in my other accounts or credit cards, which really showed my spending pattern, and which would’ve covered 100s of pages of paper.
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Good info here, thanks. I will check and go from there… but in any case, I expect I’ll still need both. Salary destination has moved too.