chances of getting a mortgage?

Jojo1daffy

See the thread I posted - people who've had to provide proof from the gifters.

Equaliser123

Jojo1daffy wrote: »

See the thread I posted - people who've had to provide proof from the gifters.

It doesn't matter if you don't tell them it is a gift but own source....

Jojo1daffy

Own source.. I have a very healthy bank account in Nigeria....
I think they ask more questions than that now - at least I hope so!

Equaliser123

Jojo1daffy wrote: »

Own source.. I have a very healthy bank account in Nigeria....
I think they ask more questions than that now - at least I hope so!

They didn't last year when we took out a £345k mortgage....

WellKnownSid

When we took out our first mortgage in the 90s, we had to answer a formal letter from the building society demanding to know where the deposit money had come from.

When buying this year, neither our lender nor solicitor asked where our deposit came from.

In fact, when the rates dropped and I was asked by my broker if I was able to "just lay my hands on another 10% PDQ" to qualify for a big reduction in fixed rate, no-one batted an eyelid when it "appeared" in the current account the following week.

Thrugelmir

Equaliser123 wrote: »

It's not an issue. Lender is simply told "own funds". Which it would be. Just like an inheritance or savings would be. Do you REALLY think lenders ask "oh so where did your savings come from?"

Happens a heck of a lot where family help out with a house purchase.

Your ideas about what needs to be done to comply with money laundering regulations are way out.

Then you should be aware of this.

The Solicitors Regulation Authority is determined to pursue those it regulates who are involved in money laundering.

Your obligations are set out in the Solicitors' Code of Conduct 2007, particularly rules 1 and 4, the Solicitors' Accounts Rules, the Proceeds of Crime Act 2002, the Terrorism Act 2000, and the Money Laundering Regulations 2007.

You must ensure that you do not facilitate laundering even when money does not pass though your firm's accounts. Failure to observe our warnings can lead to disciplinary action, criminal prosecution, or both.

Equaliser123

Thrugelmir wrote: »

Then you should be aware of this.

Yes, you do "know your client" money laundering checks.

Not sure what your point is....

Thrugelmir

Equaliser123 wrote: »

Yes, you do "know your client" money laundering checks.

Not sure what your point is....

Merely your apparent unprofessional attitude to the issue.

Equaliser123

Thrugelmir wrote: »

Merely your apparent unprofessional attitude to the issue.

I disagree with you so you insult. Pathetic.

neverdespairgirl

The bank wanted to know where we'd got our deposit from in the first place for our mortgage, which was approved a fortnight or so ago. The solicitors didn't, because they had dealt with probate for OH's parents, and knew. So they calmed the bank. But Lloyds didn't regard "own funds" as enough of an explanation.