Mortgage Lender want proof of full deposit

The_J

gazfocus wrote: »

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.

Yeah they won't do the offer but they'll process your application up to that point.

handytips

Be prepared for a long old wait if you are using Leeds BS, thier criteria is stiff and you will probably have to provide them with your shoe size etc, they will keep asking for information. Leeds hardly ever come up as the choice via brokers search tool. Also remember IFA's often dont like dabbling in mortgages. If you PM me your details i can source the products for you. Before anyone starts i am trying to help and not get business. Good Luck

The_J

Leeds are fine, not that strict. You should use them sometime son.

handytips

I am not your son, boy. Leeds are traditionally very slow, they are pretty much a specialist lender and are good for certain scenarios, here the lesson endeth. Boy.

The_J

No they aren't. Just because they are flexible (which you've now admitted) they have acquired the specialist tag amongst the newer and more naive broker community.

They aren't that slow if you package properly.

handytips

oooooooh are you a packager per chance ? Why use Leeds, thier rates are shocking.

dilpreetsohanpal

Hi Guys,

Looking out for help here...

1. My 75% LTV mortgage got approved with Abbey on 10-Aug.
2. On 28-Aug, Abbey came back to me Mortgage Agent asking proof of deposit.
3. I have 17.5 K in UK bank account and 6.5k is gifted by parents and 17K from saving in Indian post office.

I have forwarded every thing to abbey, just concerned if they will accept the savings in the Indian Rupee in Indian banks and post office.

I am two days from exchange of contract.... What should i expect.. any one in similar situation.

Thanks

_Andy_

dilpreetsohanpal wrote: »

I have forwarded every thing to abbey, just concerned if they will accept the savings in the Indian Rupee in Indian banks and post office.

Have you rung them and asked?

harvey115

Why would you still have part of the money in an overseas account (Indian post office), you are so near exchange from the looks of it?

If you have provided all details of the savings and not just the last cleared balanced letters, you should be fine. You need to provide statements going back at least three months for your savings account(s) showing the pattern of savings.

I would suggest that you do not exchange until your lender is perfectly happy with you application.

dilpreetsohanpal

Thanks for your comments. I guess I did not explain it right.

It is a new build and on 03-Sep (date of Exchange) I am supposed to pay 10% of the property value = 20000 to builder and rest 10% (which is =50%of my Deposit) when completion happen and the completion is expected in Dec/Jan 2013.

This is why my 20000 GBP is still in India and I am travelling to India next month to transfer that money to my UK bank account. So I really don't need that money until end of Dec 2012/Jan 2013.

What is you opinion... Do I still have the chances of abbey pulling out of mortgage deal.

Thanks in advance