deleted

orionsquare

deleted message ... please do not read thanks ...

Jimbo1976

Lenders are nervous about funds which come from abroad incase of money laundering issues.

Which country is it? I would expect lenders to be relaxed about the US and western europe.

You said that your overseas account was built up via an accumulation of funds. Can you prove the source of these funds?

I think the answer to both of your questions is yes. It is entitled to ask questions about all of the deposit, not just the bit it is happy with.

I realise that you are disappointed but the Mortgage Works is not trying to cheat you. Its just trying to stay on the right side of the money laundering rules. It is not common practice to ask for proof of deposit before an agreement in principle. Did you discuss where the deposit funds were coming from with your broker?

You cannot complain to FoS as buy to let loans are not regulated and i suspect that a complaint to trading standards will not get you very far.

Mrs_Z

yes, as previous poster mentioned, it's to do with money laundering regulations.

I also obtained a BTL mortgage from the Mortgage Works back in 2010 and was asked to prove a source of deposit. Mine was accumulation of monies from various savings accounts that I had eventually pooled into one pot. Luckily the deposit had been on this account for over 6 months so no proof of transactions was asked - it would have been near enough impossible, first of all to remember which amount was from which account and also some accounts closed in the process. I feel though that they should make their brokers to make clients aware that proof for the deposit will be needed. None of this was mentioned to me by my broker either.

orionsquare

deleted post .... please do not read thank you ....:)

orionsquare

Post deleted .... please do not read thank you

Jimbo1976

http://www.legislation.gov.uk/uksi/2007/2157/contents/made

I think this is probably a good start

harvey115

The banks need to prove that they have done enough checks to ensure that the money obtained in the source country has been 'taxed' by the government. So that the source of the money is not considered to be from illegal activities.

Many major banks are currently under the probe of US and EU regulators for exactly the same issue.

You need to provide some proof of your savings building up in your foreign bank account. I do not think the lender will take no for an answer. Another option would be if the bank you saved money can provide a letter with something like a monthly figure showing for the past 6 months with your name, address and account details. I would imagine that would also work.

Hope this helps.

Jimbo1976

Do you have anyone in Singapore who you can courier the passbook to, so that the balance can be calculated and then you can use this as proof of deposit? is there no way the bank can provide some element of statement? what would happen if you lost your passbook?

How is the money paid into the account?

orionsquare

Post deleted please do not read thank you

Jimbo1976

How was the money paid into the account? Unless it was paid by cash then there will be some record somewhere.

It is probably worth checking whether an updated passbook will satisfy TMW. As you say, Singapore has a well established banking system and rather strict rules.

orionsquare

Post deleted ... Please do not read Thank you