Natwest refused property deposit. What to do?

Wutang_2

ginvzt wrote: »

Amazing - in a space for 1 hour and 20 minutes, you managed to organise the deposit! I wish I knew how to do this!!!!

Took out another loan??

Euphoria1z

i applied for a personal loan on the day i applied for a mortgage in principle. got accepted for both. my broker knew what i was doing, my solicitor, cant actually remember if he asked where the deposit was coming from? if he did i would have told him it would have been from a personal loan. didnt have any probs in purchasing a property (buy to let), this was in Jan 08.

_Andy_

If the lender had been aware of the source there is no way they would've agreed it. Your broker shouldn't have progressed that application at all.

benjo

Mrs_Bumble wrote: »

Your IFA and your solicitor should have asked you specifically where the deposit was coming from, it is a requirement for money laundering purposes.

In relation to the solictor and credit search etc, they are all supposed to do a bankruptcy search and you will probably find that the one quote that actually outlined the costs was being more accurate than the others.

That would make perfect sense, thanks Mrs Bumble.

PS the money wasnt a loan, provable savings and pension lump sum.

JulieScrumptious

Wutang wrote: »

Took out another loan??

Now that would have been a little stupid.
We simply 'borrowed' from family. (Since we have the deposit in the form of a personal loan - we can simply 'pay them back' with this).
Just wanted to clear up, don't want anyone thinking i'm involved in any dodgy dealings.;)

It's really refreshing to hear that other people have done it and been fine because loads of people have told me that's how they financed it. The insurance adviser in branch at Natwest even said that's how him and his girlfriend did it so....

I think maybe the way to do it would be to get a personal loan, put it straight into a savings account, declare the monthly repayment on your mortgage application and say your deposit came from 'savings'. That's probably the way to get around it. Bending the truth a little bit!?!

happybroker

JulieScrumptious wrote: »

The insurance adviser in branch at Natwest even said that's how him and his girlfriend did it so....

Bank Assurance is typically much more expensive than you will be able to source elsewhere, do some shopping around on this and you could save plenty.