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    • b80
    • By b80 6th Jul 17, 8:43 PM
    • 26Posts
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    b80
    Can Mortgage Lenders find out about additional savings/investments
    • #1
    • 6th Jul 17, 8:43 PM
    Can Mortgage Lenders find out about additional savings/investments 6th Jul 17 at 8:43 PM
    Hi,

    When moving home do we have to declare all bank accounts and investments to our lenders and the solicitor?

    Will the bank accounts/investments show up on credit checks and searches they run.

    I've kept these funds separate from our main current account as they are earnings from matched betting and I'd rather not have to go through explaining it all if possible.

    Thanks!
Page 1
    • Thrugelmir
    • By Thrugelmir 6th Jul 17, 8:49 PM
    • 54,839 Posts
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    Thrugelmir
    • #2
    • 6th Jul 17, 8:49 PM
    • #2
    • 6th Jul 17, 8:49 PM
    Not unless they are going to provide the source of your deposit.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • b80
    • By b80 6th Jul 17, 8:58 PM
    • 26 Posts
    • 2 Thanks
    b80
    • #3
    • 6th Jul 17, 8:58 PM
    • #3
    • 6th Jul 17, 8:58 PM
    Not unless they are going to provide the source of your deposit.
    Originally posted by Thrugelmir
    really, thats re-assuring to know. I thought maybe they would run a check and ask us to disclose all other accounts/investments they find.
    • Thrugelmir
    • By Thrugelmir 6th Jul 17, 9:00 PM
    • 54,839 Posts
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    Thrugelmir
    • #4
    • 6th Jul 17, 9:00 PM
    • #4
    • 6th Jul 17, 9:00 PM
    really, thats re-assuring to know. I thought maybe they would run a check and ask us to disclose all other accounts/investments they find.
    Originally posted by b80
    Not of any interest. They are concerned with debts, liabilities or other commitments. Matters that could put their security at risk.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • Verix
    • By Verix 8th Jul 17, 12:34 PM
    • 158 Posts
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    Verix
    • #5
    • 8th Jul 17, 12:34 PM
    • #5
    • 8th Jul 17, 12:34 PM
    There are certain lenders (but few) that want to know about all accounts you have and will ask you to disclose these at application.
    I am a Mortgage Adviser

    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.
    • b80
    • By b80 9th Jul 17, 2:28 PM
    • 26 Posts
    • 2 Thanks
    b80
    • #6
    • 9th Jul 17, 2:28 PM
    • #6
    • 9th Jul 17, 2:28 PM
    do you know if the Yorkshire building society are one of these lenders - we've been with them for 6 years now - can't recall if they asked us previously.
    • glosoli
    • By glosoli 9th Jul 17, 3:22 PM
    • 574 Posts
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    glosoli
    • #7
    • 9th Jul 17, 3:22 PM
    • #7
    • 9th Jul 17, 3:22 PM
    Unless the funds are being used for the deposit then whilst they may ask for the details, it isn't really any relevance. They may ask what you would rather retain the funds for, if not utilising them to reduce the borrowing with to accrue less interest / obtain lower loan to value product, but that is it at most. At credit scoring, they will see you have the account, but they won't be able to see any balances, only if you are in your overdraft.
    • robatwork
    • By robatwork 9th Jul 17, 9:20 PM
    • 3,874 Posts
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    robatwork
    • #8
    • 9th Jul 17, 9:20 PM
    • #8
    • 9th Jul 17, 9:20 PM
    do you know if the Yorkshire building society are one of these lenders - we've been with them for 6 years now - can't recall if they asked us previously.
    Originally posted by b80
    When I got a quote from the recently to remortgage I was asked about bank accounts. I frankly couldn't be bothered to spend the 30 mins or so it would have taken to go through all of the current accounts I opened to get the bonuses and cycling cash through them monthly, so just told them about 2. It makes no difference to my risk profile as it's the same £1000 cycling from current account 1 to 2 to ...... 1 again.
    • b80
    • By b80 12th Jul 17, 5:48 PM
    • 26 Posts
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    b80
    • #9
    • 12th Jul 17, 5:48 PM
    • #9
    • 12th Jul 17, 5:48 PM
    Cheers chaps. How about further down the line when it comes to overpayments? Say the mortgage was 250k and the max we could overpay at the beginningbwas 25k, would paying 25k in the first year, then the max again for years after cause suspicision?
    • Boredatwrork
    • By Boredatwrork 13th Jul 17, 4:48 PM
    • 114 Posts
    • 65 Thanks
    Boredatwrork
    Cheers chaps. How about further down the line when it comes to overpayments? Say the mortgage was 250k and the max we could overpay at the beginningbwas 25k, would paying 25k in the first year, then the max again for years after cause suspicision?
    The banks general rule as far as I am aware is that if the source of cash is coming from another bnak/building society, they assume the acceptable checks were done at the point of entry that it hit the original account.
    • Boredatwrork
    • By Boredatwrork 13th Jul 17, 4:52 PM
    • 114 Posts
    • 65 Thanks
    Boredatwrork
    do you know if the Yorkshire building society are one of these lenders - we've been with them for 6 years now - can't recall if they asked us previously.
    I remortagegd to Yorkshire, my wife had only been in her employment for 9 months and worked as a recruiter, her base pay (with mine) was enough to borrow what we needed, and they simple advised in a round about way, don't bother to declare the commision as it will only complicate the application and keep it simple.
    As others state, unless its a negative (debt, overdraft etc), I don't think its given the same importance. I appreciate my response is anecdotal
    • b80
    • By b80 27th Jul 17, 2:16 PM
    • 26 Posts
    • 2 Thanks
    b80
    Could another option be to transfer money from the account i don't want to disclose (betting account) to my parents and my parents then gifting us the money?

    I understand the bank is going to want a guarantee that the funds are a gift and not a loan, but would they or the solicitor want to check my parents bank accounts to see where the gift originated from?
    • 85 East
    • By 85 East 27th Jul 17, 2:30 PM
    • 14 Posts
    • 34 Thanks
    85 East
    Could another option be to transfer money from the account i don't want to disclose (betting account) to my parents and my parents then gifting us the money?
    Originally posted by b80
    You should be aware of the rules around gifts and potential inheritance tax if you choose to go down this route, google 'gifts and inheritance tax' for more information, but basically if anything were to happen to your parents in the following 7 years this gift could be counted as part of their estate and subject to IHT

    I'm not sure about the rules regarding matched betting and taxation etc, but as Boredatwrork says, banks will assume that checks have been done by the holding bank. From my personal experience when we took out a mortgage we had additional savings which we used to renovate, these had been moved to the same bank in the UK as the mortgage company (HSBC) from overseas and there was no issue. I think you are over complicating things!
    • b80
    • By b80 27th Jul 17, 3:50 PM
    • 26 Posts
    • 2 Thanks
    b80
    Yes I am prone to overthinking things. I normally find as I answer one concern and then my mind finds another to focus on!

    The issue isn't so much around taxation, but more the lender not wanting to lend to someone who on the face of their bank account statement may have a gambling problem! I'm not sure how receptive they'd be to me explaining how matched betting and casino bonuses work! So I felt it would be something best avoided when going through the application process.

    However it seems a shame not to be able to pump s fair amount into a bigger house purchase - although we can still get below 60% ltv without using the matched betting funds.
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