Would be grateful for some opinions on this from those 'in the know'...
Since my financial difficulties around seven years ago I have drastically altered the way I deal with money. I have been debt free for over three years, have caught the savings bug and am now so organised with my finances it borders on OCD!
When I get paid I syphon off most of my wages into my savings account and leave only enough to cover things like rent, council tax, gas/elec etc in my current account. I then transfer back a lump sum each month and purchase premium bonds while I'm saving for a deposit. For general spending I use a cashback credit card and then pay off in full when the bill comes in, again transferring the money from the savings account to pay the bill.
The above method works perfectly for me as I know exactly where I am and I even put money aside each month for incidentals like haircuts, pet vaccinations etc so that when the time comes for these I have the money ready and waiting.
The 'problem' with this is that there is generally only a very small amount in my current account, normally sub £50 and most day to day transactions go on my credit card which I then pay off in full, transferring the money back from my savings account to pay the bill.
Is this likely to cause a problem when applying for a mortgage? I have seen posts on here of people being asked to justify small payments and being asked for supporting evidence etc If it's likely to cause a problem I can start leaving my wages in the current account meaning I would have a larger balance and they could see exactly where my money went when they ask for bank statements.
Thanks for any input, although my credit file is squeaky clean and I am debt free I realise my previous IVA will affect my ability to get a mortgage so I don't want to make things harder for myself if I can help it!
Since my financial difficulties around seven years ago I have drastically altered the way I deal with money. I have been debt free for over three years, have caught the savings bug and am now so organised with my finances it borders on OCD!
When I get paid I syphon off most of my wages into my savings account and leave only enough to cover things like rent, council tax, gas/elec etc in my current account. I then transfer back a lump sum each month and purchase premium bonds while I'm saving for a deposit. For general spending I use a cashback credit card and then pay off in full when the bill comes in, again transferring the money from the savings account to pay the bill.
The above method works perfectly for me as I know exactly where I am and I even put money aside each month for incidentals like haircuts, pet vaccinations etc so that when the time comes for these I have the money ready and waiting.
The 'problem' with this is that there is generally only a very small amount in my current account, normally sub £50 and most day to day transactions go on my credit card which I then pay off in full, transferring the money back from my savings account to pay the bill.
Is this likely to cause a problem when applying for a mortgage? I have seen posts on here of people being asked to justify small payments and being asked for supporting evidence etc If it's likely to cause a problem I can start leaving my wages in the current account meaning I would have a larger balance and they could see exactly where my money went when they ask for bank statements.
Thanks for any input, although my credit file is squeaky clean and I am debt free I realise my previous IVA will affect my ability to get a mortgage so I don't want to make things harder for myself if I can help it!