Underwriters query

mumboojumboo

Hiya, we have applied for a mortage (75% LTV) via HSBC.

The underwriters have called back us to show proofs of deposit as we hold only 20% of the deposit amount in the HSBC account. The rest are held in other banks. And one of the other account has a recent credit (about 20% of deposit). Its from a relative returning back the amount owed. Except for this, the rest of the deposit amount has been there for atleast 2 months or more.

Will this cause any issues?

Thanks.

Mrs_Bumble

They just need to see where the money is coming from, that you have it. They may ask you to confirm that it wasn't a loan from a third party etc but nothing to worry about.

mumboojumboo

Thanks. Do i need to get a letter from the relative (who deposited) to say they are returning back the money.. and that they dont have a charge on the property..something like that? (its come from US, if that complicates matter..)

Mrs_Bumble

HSBC may not even ask for the letter, but if you want to get a letter just in case might help to prevent any delays later on. Just a letter saying that the funds were being returned as per private agreement etc.