Mortgage Lender want proof of full deposit

DannyboyMidlands

I reckon it's best to sit tight for a couple of weeks, provide the bank with what they want and then progress things.

Admitedly this will be squeaky bum time but scratching around for statements that do not show what has been requested would seem like a waste of effort.

The_J

Nah, depending on who the bank is this should be fine.

samtoby

Not to be difficult but how much is coming from paypal?

I had a friend that was using money from paypal as funds for her mortgage deposit and as soon as she showned that it was coming from there they declined her mortgage.

I don't know why.

x

gazfocus

samtoby wrote: »

Not to be difficult but how much is coming from paypal?

I had a friend that was using money from paypal as funds for her mortgage deposit and as soon as she showned that it was coming from there they declined her mortgage.

I don't know why.

x

Not much to be honest, most of the things that sold last night were quite high value (like an £850 guitar and a £550 computer) so we stipulated collection only. Majority of the money will be from things like that plus my wages and a very small amount (maybe £200 or so) coming from paypal.

DVardysShadow

If someone suggested to borrow £1400 from the relatives as a cheque for £850 and another for £550, and deposited them, before getting a banks statement no doubt someone here will shout 'FRAUD'. And you would leave yourself exposed to the sales not going through. I was under the impression that the sales had gone through and you had the money in paypal,

gazfocus

DVardysShadow wrote: »

If someone suggested to borrow £1400 from the relatives as a cheque for £850 and another for £550, and deposited them, before getting a banks statement no doubt someone here will shout 'FRAUD'. And you would leave yourself exposed to the sales not going through. I was under the impression that the sales had gone through and you had the money in paypal,

Erm...why's it fraud? The ebay auctions ended yesterday and the buyers have been in touch to arrange collection. There's nothing fraudulant about it!

The_J

DVardysShadow wrote: »

If someone suggested to borrow £1400 from the relatives as a cheque for £850 and another for £550, and deposited them, before getting a banks statement no doubt someone here will shout 'FRAUD'

:money: :rotfl:

handytips

The lenders usually like to see the deposit in a savings/current account, however this is unusual for them to ask to see proof of deposit as they usually leave that to the solicitor to check, i would imagine at an educated guess this problem has occured at the application stage where the question. Where are you providing your deposit from, was answered and the answer you have given has obviously rang a few alarm bells. Who is the lender and i will be able to tell you whether or not this is a regular thing to happen or not. Once again a broker will have probably been your best option in the first place. If the lender is HSBC then your sunk. Start again and get some professional advice and recomendation.

gazfocus

handytips wrote: »

I would imagine at an educated guess this problem has occured at the application stage where the question. Where are you providing your deposit from, was answered and the answer you have given has obviously rang a few alarm bells. Who is the lender and i will be able to tell you whether or not this is a regular thing to happen or not. Once again a broker will have probably been your best option in the first place. If the lender is HSBC then your sunk. Start again and get some professional advice and recomendation.

The application hasn't been submitted yet. We are using an IFA and they said that the lender (Leeds BS) will not issue a mortgage offer letter without proof of the full deposit.

samtoby

Wish I could save my deposit so fast!