In this modern era of technology, online banking has become the easiest and most convenient to transfer money and review bank statements. If you want your business to achieve a better cash flow, one strategy is to analyze your bank account statement as this lists all your payments and receipts, and also helps you adjust the differences in the records of an account holder and the cash balance shown at the end of the bank statement.
In today’s guide, we discuss what exactly a bank statement is, how you can use your daily bank statements to apply for a mortgage, and why you need to provide bank statements to mortgage lenders. In the end, we will also show you the best way to arrange a translation of your bank statement, if you need to interact with overseas lenders who will require translations of your financial records.
What is a bank statement?
A bank statement is an important document that provides a summary of the financial transactions of an account within a specific time period. The bank statement, also known as account statement, is usually sent by the bank to the account holder, and includes all the necessary information such as the account number, statement period, opening and closing balance of the time period and a detailed list of all your deposits and withdrawals for a specific month. This statement is very important if you want to keep track of your spending. If you find any suspicious activity and inaccuracy, you may report this issue to your financial institution.
Each item of the bank statement includes the name of the payer and the payee along with a transaction date.
Why do mortgage lenders in the UK ask for bank statements?
Most mortgage lenders require a bank statement translation attached to a mortgage application so the lender can assess your income and monthly withdrawals. In this way, they can calculate whether you can afford to pay back the mortgage loan. Other lenders will often also ask for a bank statement in certain circumstances.
Mortgage lenders as well as underwriters require a bank statement translation so they can assess the availability of funds, the overall deposits and also your monthly income and outgoings.
If you are self-employed – for example, if you are a contractor or you own a business – your bank statement translation provides proof to the lenders that you have a steady and reliable source of income. It is a common practice nowadays that every mortgage lender will expect you to submit bank statements going back three to six months so they have a consistent record of your earnings.
Get the best services of bank statements translation from Kings of Translation
If you are dealing with lenders who require translated copies of your financial records, Kings of Translation is here to assist you. Kings of Translation is a leading translation agency in London, dedicated to providing the best and highest-quality financial translation services. With several years of experience in the translation industry, our expert and professional team can provide translations in multiple languages.
As Kings of Translation has expanded its operation to an international level, the team truly understands the needs of any business requiring financial record translation services. Our translators have an excellent understanding of finance and economics along with a fluent knowledge of the foreign language in which the statement needs to be translated. In addition, they provide a fast efficient service, guaranteeing quality and accuracy in all their work.
If you want to arrange high-quality financial statement translation services at an economical rate, contact us today on 075 1798 6633 or email us at email@example.com.