Gifted deposit woes

maunders

Hi, I am a FTB and buying with a gifted deposit. I went through L&C brokers at the start of June and got accepted with a mortgage with Nationwide. I told the brokers from the very start that the deposit would be a full gift and presumed they let Nationwide know.

A few days later I sent off all the required stuff bank statements etc but Nationwide never asked for a gift deposit letter. I intructed a solicitor and the mortgage offer was received mid June. I then signed the mortgage deed that was sent to my solicitor about 3 weeks ago.

EDIT: I'll add the deposit is 30% of the LTV and is a significant sum. My take home pay is over 2k a month and will easily be able to afford repayments

Now my solicitor have said there is no mention of the gift deposit on Nationwides forms and asked if they had my permission to let them know, of course I said as I presumed they had the information from the broker.

We are almost ready to exchange and the solicitor has now said nationwide have a two week turnaround before they look at my queury, and will probably then be referred to an underwriter again! My broker has just sent me an email saying nationwide never asked where the deposit was coming from! I'm now worried that they may think I witheld that information from them? Also I'm annoyed that I have to wait two weeks for something that essentially should have been done ages ago! Is there anything I can do? If I phone nationwide would they do anything right now or would I be in a two week queue? Regards

dwight-van-man

MOrtgage application forms always ask the source of the deposit - for money laundering monitoring or to check whether you are required to pay back any of the gifted deposit etc. I guess if you phone nationwide they'll just put you in the same turnaround queue - normally the best way of skipping this queue for a broker case is to get the broker to involve his business development manager, but in this case the broker is going to have to admit that he's cocked up. I would go back to the broker and put pressure on him to sort it. If you go onto the nationwide intermediaries website, you can actually download a full application form pdf which clearly requests that the source of deposit be listed, and I would guess if the broker had done that correctly, you would have had a gifted deposit letter to provide to Nationwide

maunders

thanks for the reply, I have dug out the 'mortgage application summary' that l&c had to forward to Nationwide and it did say the deposit was a gift on it... I've emailed the broker..

dwight-van-man

Cool - sounds like its a processing issue, in which case brokers best to get onto the BDM. Assuming they've got a decent BDM, which a broker the size of L&C should have, thats the best way of sorting it out... Fingers x'd

maunders

He's asked that I get the giftor to write a deposit letter as he thinks nationwide may ask for this and he'll see what he can do. Thanks

harvey115

Your broker should have a gifted deposit template used for Nationwide.

You just need that to be signed by the person gifting you the deposit.