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orionsquare

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ACG

I tried to get a property with them about 18 months ago. They declined me for a daft reason which was easily explainable... so im not a huge fan of them.

However, some of the posts ive read on here by others are pretty big fans.

Most lenders dont charge a valuation fee until you 99% sure to be accepted.

GMS

Whether a lender asks loads of questions or not is not the issue. The solicitor has a duty to satisfy the source of deposit.

From your previous thread it seems your deposit cannot be proven. You need to address the deposit problems rather than try to work around them. You will encounter stumbling blocks if you don't sort it out whether up front or after offer.

ACG

Just read your other post as per GMS post above.

All lenders have a duty to fight money laundering (im not suggesting you are) whether it be £1 or £100,000. They need to be satisfied, if theyre not and the FSA do a check they get a huge fine. So they will do whatever they deem necessary.

Nobody can say with a cast iron guarantee what lenders will ask for.

EDIT: Sorry, ive just realised this post is off topic and more related to your other thread. Appologies.

Hobbers83

I've recently taken out a mortgage with the Post Office and was very impressed with their customer service, being kept informed, etc.

They didn't directly ask for any proof of deposit, although I did have to give the solicitor a copy of bank statements proving that the money was in my account and where it had come from (a savings account). Nothing more than that was needed.

Thrugelmir

orionsquare wrote: »

Do they ask a lot of questions about proof of deposit sum before agreeing to lend to you?

The same rules apply to all lending institutions. There are no exceptions.

orionsquare

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GMS

orionsquare wrote: »

So does it mean that if I pay the money over to the Solicitor who has done all the anti-money laundering checks then it will be OK?

Arguably, the solicitor would have done the checks to accept the money so the Bank should take the solicitor's word for it and not ask further questions. :think:

What are you trying to hide? There seems to be an effort to find ways of missing out processes.

Any lender can ask any question about any subject they choose. Ultimately it is there money and their choice of who to lend to or not.

You always need to disclose the source of the deposit and this may or may not be verified by the lender. The solicitor working on behalf of the lender will carry out checks as instructed. If they are not satisfied with any part of the conveyancing process they will revert back to the lender. The lender will then choose how to proceed or not.

Trying to avoid parts of processes is foolish as ultimately the issue you dodge will still be there and waiting to bite at a later stage.

orionsquare

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Dave_Ham

I do not believe that was an accusation, rather your questions do look rather odd.

From an outsider looking in (as was away when thread was first posted) you are looking in too much detail for someone who just has a passive interest in the process.

I too would have assumed that there is something you are looking to hide, or at least circumvent - or why else ask?

Many lenders are getting more sensitive about the source of deposit of late and just satisfying the solicitors ML checks may not be enough. If this is earnt and tax paid on the earnings over the last 20 yearsm, then you have absolutely nothing to worry about.

Post Office rates are great, they are more selective and sometimes they just take a view they do not like a case and give no reason for it being declined.

Good luck

orionsquare

It's all sorted now. Thanks everyone who gave constructive advice.