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    • Dollydaydreama
    • By Dollydaydreama 12th Jun 17, 8:15 PM
    • 11Posts
    • 18Thanks
    Dollydaydreama
    Mortgage Provider Deposit Query
    • #1
    • 12th Jun 17, 8:15 PM
    Mortgage Provider Deposit Query 12th Jun 17 at 8:15 PM
    Hi,

    We have a full mortgage offer, house contracts exchanged completion date set, today we heard from our Solicitor that our mortgage provider has asked for proof that the 10k of our deposit is from our funds. I'm a little worried!

    To explain, the bulk of our deposit came from the sale of a property we owned but rented out, 24 k. The deposit we need to buy our house is 34 k, we're currently in rented. The 10 k difference was made up from our own money, not gifted, it came partly a dividend payment from my husbands own business, part personal savings etc. We transferred it from different accounts into our savings account along with the equity from the house sale, it stayed there for a while and is now with the Solicior ready for exchange.

    Should I be worried they are asking at this late stage? Our solicitor has asked for the mortgage money to be available the day before the completion. Is this just a normal check? Surely they can't kick up a fuss at this late stage?

    I thought we'd gone through the most stressful part of this!

    Thanks in advance.

Page 1
    • mouthscradle
    • By mouthscradle 13th Jun 17, 9:15 AM
    • 974 Posts
    • 1,122 Thanks
    mouthscradle
    • #2
    • 13th Jun 17, 9:15 AM
    • #2
    • 13th Jun 17, 9:15 AM
    I'm pretty sure this is just normal, for anti-money laundering reasons they're obliged to check where funds have come from.

    In our case, we just said it's been built up over 12 months by transferring some salary into our savings accounts each month. And they could see the standing orders and transfers taking place every month and no large credits from any undeclared accounts. That was all that was needed. So if you have a paper trail and statements that should be all that's required.
    Mother, wife, scientist, analyst.
    • kingstreet
    • By kingstreet 13th Jun 17, 9:53 AM
    • 32,273 Posts
    • 17,307 Thanks
    kingstreet
    • #3
    • 13th Jun 17, 9:53 AM
    • #3
    • 13th Jun 17, 9:53 AM
    Some lenders may have an issue with a deposit part-funded by dividend in case it affects the solvency of the business.

    Make sure you get all the documentation ready for your solicitor.

    We would check this out with the lender before submitting the application.
    I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • amnblog
    • By amnblog 13th Jun 17, 11:38 AM
    • 10,041 Posts
    • 3,907 Thanks
    amnblog
    • #4
    • 13th Jun 17, 11:38 AM
    • #4
    • 13th Jun 17, 11:38 AM
    We would check this out with the lender before submitting the application.
    Originally posted by kingstreet

    As should all Brokers. Check with yours if you used one.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • Dollydaydreama
    • By Dollydaydreama 13th Jun 17, 9:12 PM
    • 11 Posts
    • 18 Thanks
    Dollydaydreama
    • #5
    • 13th Jun 17, 9:12 PM
    • #5
    • 13th Jun 17, 9:12 PM
    Thanks guys, we were able to prove it was savings and the mortgage provider is satisfied much o our relief!
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