FTB mortgage deposif
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YWill28
Posts: 5 Forumite
Hello, me and my boyfriend are both FTB
We have had our mortgage approved and offer accepted, all is/was going smoothly with completion in sight.
However today we have been asked to provide proof of our deposit- (17,000), £2500 of this came from my student loan as it was money I had left over. Is this likely to be a problem? The mortgage lenders surely see this was the case from bank statements etc?
Panicking now as we’re so close I don’t want this to ruin it for us
We have had our mortgage approved and offer accepted, all is/was going smoothly with completion in sight.
However today we have been asked to provide proof of our deposit- (17,000), £2500 of this came from my student loan as it was money I had left over. Is this likely to be a problem? The mortgage lenders surely see this was the case from bank statements etc?
Panicking now as we’re so close I don’t want this to ruin it for us
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Comments
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As far as i'am aware a bank statement showing the money will be enough. If you haven't said where the deposit is it'll just be to clarify, they won't assume the spare cash in your account if part of the deposit.0
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I am assuming you have applied to whoever you bank with?
They would not necessarily assume that your deposit came from a student loan. They may not have even gone that far back on your accounts (depending on how far back it was).
Some lenders may accept it, others may not.
Who has asked for proof of deposit? Is it the solicitor or lender? If it is the solicitor, what do they want? Just a statement or evidence of the money hitting your account?
If you have a broker, I think you need to speak to them.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The solicitors have asked for proof of deposit and a paper trail with this, which shows it came from a student loan but it!!!8217;s only a small amount of the deposit. I haven!!!8217;t got a broker we went directly to NatWest0
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