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  • FIRST POST
    • SherriO
    • By SherriO 17th Oct 17, 1:03 PM
    • 25Posts
    • 1Thanks
    SherriO
    Proof of deposit and precise
    • #1
    • 17th Oct 17, 1:03 PM
    Proof of deposit and precise 17th Oct 17 at 1:03 PM
    Hoping someone could advice us. We have our deposits in a HTB ISA. Few months ago we lent a friend over 2000 pounds from a different savings account and today he has told he wants to pay back. Coincidentally we meet with our morgage broker today to submit documents for precise application. I am a bit concerned the money coming today will be questioned. Will it be a problem even though it's not our deposit? Thanks
Page 1
    • Slithery
    • By Slithery 17th Oct 17, 1:31 PM
    • 364 Posts
    • 527 Thanks
    Slithery
    • #2
    • 17th Oct 17, 1:31 PM
    • #2
    • 17th Oct 17, 1:31 PM
    They may request a letter from your friend stating that the money is a loan repayment, but it shouldn't cause any problems.
    • rjwr
    • By rjwr 17th Oct 17, 2:05 PM
    • 314 Posts
    • 202 Thanks
    rjwr
    • #3
    • 17th Oct 17, 2:05 PM
    • #3
    • 17th Oct 17, 2:05 PM
    simple, have the money paid in cash only, not through the bank.


    problem solved
    But never spend money you don't have to buy things you don't want to impress people you don't like.
    .
    Originally posted by kidmugsy
    • Lolly88
    • By Lolly88 17th Oct 17, 2:37 PM
    • 237 Posts
    • 737 Thanks
    Lolly88
    • #4
    • 17th Oct 17, 2:37 PM
    • #4
    • 17th Oct 17, 2:37 PM
    They may request a letter from your friend stating that the money is a loan repayment, but it shouldn't cause any problems.
    Originally posted by Slithery
    Out of curiosity would lenders go for that? I know with gifted deposits they will only accept family members giving them but if it was as simple as someone producing a letter indicating that it was a 'loan repayment' surely anyone could do that? Is there likely to be any further investigation?
    House Fund - £30142.19
    Save 7k in 2017 #6: £7142.19/£7,000
    Save 12k in 2016: £14,750/£12000 - Save 6k in 2015: £8250/£6000
    • davidmcn
    • By davidmcn 17th Oct 17, 2:39 PM
    • 6,265 Posts
    • 6,044 Thanks
    davidmcn
    • #5
    • 17th Oct 17, 2:39 PM
    • #5
    • 17th Oct 17, 2:39 PM
    Out of curiosity would lenders go for that? I know with gifted deposits they will only accept family members giving them but if it was as simple as someone producing a letter indicating that it was a 'loan repayment' surely anyone could do that? Is there likely to be any further investigation?
    Originally posted by Lolly88
    If there is also evidence of the money going in the other direction in the first place then it's a bit more convincing.


    In this case though it's not even part of the deposit (as the OP has enough verifiable funds) so shouldn't need to be queried.
    • Time2go
    • By Time2go 17th Oct 17, 2:53 PM
    • 198 Posts
    • 43 Thanks
    Time2go
    • #6
    • 17th Oct 17, 2:53 PM
    • #6
    • 17th Oct 17, 2:53 PM
    We applied recently for a mortgage with precise and were never asked where deposit was coming from.
    • SherriO
    • By SherriO 19th Oct 17, 5:46 AM
    • 25 Posts
    • 1 Thanks
    SherriO
    • #7
    • 19th Oct 17, 5:46 AM
    • #7
    • 19th Oct 17, 5:46 AM
    My thoughts exactly we have our morgage in our ISA. This was our regular savings. Hubby gave him the money in cash though. And he paid back 400 pounds short of what we gave. I hope it wouldn't cause any problems. Very stressful period!
    • SherriO
    • By SherriO 19th Oct 17, 5:50 AM
    • 25 Posts
    • 1 Thanks
    SherriO
    • #8
    • 19th Oct 17, 5:50 AM
    • #8
    • 19th Oct 17, 5:50 AM
    We applied recently for a mortgage with precise and were never asked where deposit was coming from.
    Originally posted by Time2go
    The broker has highlighted some deposits he thinks would be questioned. ,and this was one of them. all others are transfers between I and hubby or from current to savings.
    • elliemet23
    • By elliemet23 19th Oct 17, 9:03 AM
    • 34 Posts
    • 9 Thanks
    elliemet23
    • #9
    • 19th Oct 17, 9:03 AM
    • #9
    • 19th Oct 17, 9:03 AM
    They may request a letter from your friend stating that the money is a loan repayment, but it shouldn't cause any problems.
    We had to do the same thing... As long as your friend states it isnt a loan to you and you arent going to be paying him back, they arent fussed at all!

    Good luck
    xxx
    • Car1980
    • By Car1980 19th Oct 17, 9:04 AM
    • 234 Posts
    • 113 Thanks
    Car1980
    Nobody will bother. You could have sold a car, had an invoice paid - anything
    • chappers
    • By chappers 19th Oct 17, 9:43 AM
    • 2,948 Posts
    • 1,701 Thanks
    chappers
    A simple statement by yourselves should be sufficient, The lenders concern is that your deposit hasn't come from borrowing. If you have sufficient I your ISA that should be fine. Lenders usually only want to see bank statements to assess conduct.
    • SherriO
    • By SherriO 25th Oct 17, 10:45 PM
    • 25 Posts
    • 1 Thanks
    SherriO
    We had to do the same thing... As long as your friend states it isnt a loan to you and you arent going to be paying him back, they arent fussed at all!

    Good luck
    xxx
    Originally posted by elliemet23
    Thank you. Was that with precise lenders as well if you don't mind me asking. And did the lenders ask for the letter or did you just take the initiative. Precise has not asked yet as bank statements have not been requested, but th brokers are trying gather our answers for when and if they ask. Will ask for a letter from our friend when they ask for one.
    • elliemet23
    • By elliemet23 29th Nov 17, 1:57 PM
    • 34 Posts
    • 9 Thanks
    elliemet23
    Thank you. Was that with precise lenders as well if you don't mind me asking. And did the lenders ask for the letter or did you just take the initiative. Precise has not asked yet as bank statements have not been requested, but th brokers are trying gather our answers for when and if they ask. Will ask for a letter from our friend when they ask for one.
    Apologies only just seen this reply. No ours wasnt with precise, and yes we were asked for the letter and how it was to be worded once we explained the situation.
    27th October - £1008.86 owed
    24th November - £987.02 owed
    Bloody interest
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