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Common to be asked "where does your deposit come from?"
QTPie
Posts: 1,373 Forumite
Is it common for lenders to ask this?
Our application is well under way (Britannia Mortgage Advisor gave us an AIP and said everything should be very straightforward, since then their HO is going through our finances with a fine toothed comb).
They have had all the standard stuff (including copies of accounts and proof of deposit), then requested 3 months bank statements, now want to know where our deposit comes from (60% deposit). Is this a commn question? It came mostly from the sale of our last house plus a gift from the inlaws (but they have already completed a gifted deposit form for that).
QT
Our application is well under way (Britannia Mortgage Advisor gave us an AIP and said everything should be very straightforward, since then their HO is going through our finances with a fine toothed comb).
They have had all the standard stuff (including copies of accounts and proof of deposit), then requested 3 months bank statements, now want to know where our deposit comes from (60% deposit). Is this a commn question? It came mostly from the sale of our last house plus a gift from the inlaws (but they have already completed a gifted deposit form for that).
QT
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Comments
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This is normal question to ask - they are required to do this, for the prevention of money laundering. Just respond with your explanation given above."You were only supposed to blow the bl**dy doors off!!"0
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In addition to money laundering requirements, some lenders will not accept certain types of deposits on certain deals. i.e. builder deposits or gifts. So, this also helps them find out where its from.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Yes it's standard.0
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I had it in my mortgage application today, yep0
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Thanks
Seems like an odd thing to ask well into the application - can't imagine why it wasn't asked at the start (when we were asked to prove the deposit).
Some of our deposit (but less than a quarter of our 60% deposit is gifted, but Britannia said that was ok - we jet needed to have the inlaws complete the appropriate form to confirm that it was a gift and not a loan etc).
QT0 -
Just respond with 'from your vault' and you will be fine lolHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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