Proof of Deposit

chasmash

Hopefully a quick one.....

Basically, when applying for a mortgage what is an acceptable proof of deposit?

I am in a situation where the deposit money is coming from a transfer of equity from a house ith an ex partner. She is dragging her feet and therefore there is a chance by the time I need to apply for the mortgage I won't have an official letter saying the cash is due to me. Don't want to loose the house by delaying on the application so am a bit stressed.

One thought i might have is to get a bank statement from my dad which has enough cash to cover the deposit in and say that this is funding the deposit, by the time it comes to pay, the money from the equity will have come though and everybody is non the wiser.

Any thoughts would be appriciated!

ta

Doozergirl

Has something changed then? I've never had to provide proof of deposit for mortgage purposes Asked where the money is coming from, yes.

Lots of people have their deposit tied up in their old houses and can't provide proof that it exists until they've completed on that house, which is often the same day as they buy their new one!

chasmash

oh!... I guess I must have misundersatood the mortgage advisor. Just don't want to drag my a$$ in to complete an application only to be told I need to prove where my deposit money is coming from.

Thanks!!

chasmash

Oh and 10 minute turnaround is outstanding. Will be using this forum again!!!

brilliant stuff!!!

laffer

chasmash wrote: »

Oh and 10 minute turnaround is outstanding. Will be using this forum again!!!

brilliant stuff!!!

and contributing to we hope!

chasmash

Got a second viewing tonight with an offer in mind, so will be happy to share experiences!

chasmash

Now then,

Been a bit quiet, but buying a house takes up a lot of time. Basically have had offer accepted and mortgage application sorted..........

......exept that BS have come back to me with a number of points ialong the lines of "We cannot proceed with you application until...
1. " ...you return your PPI application"
2. "...you provide evidence that the deposit was a gift from a relative"

My reponses went as follows

1. F---k off - you know and I know thats not right so stop it
2. Have previously sent MY bank statement with deposit funds in it together with form signed by parent saying they have given us the money. BS have said they want a copy of parents statement to prove they had the money before they gave it to us!!!!!! (this is seperate to the rest of the deposit which is the start of the the thread as that is all sorted now)

How many steps back do they need to go to appease money laundering regs. seemd like over kill to me.

Bit of a rant...but am annoyed because this was going so well and this is the first (and only hopefully) glitch.