Source of deposit document

monkeysrevenge

Morning all,

We had our mortage application with the Skipton accepted last week now they've asked us for documents supporting the "source of deposit" - what exactly does this entail? Tried asking someone in their call centre but he wasn't really very clear...

I intended to forward screen prints of my savings account to show the balances, should this be sufficient? The total deposit required is £15k, of which about £1.5k will be gifted as a top up from my parents.

Thanks

BlackCat^

We are currently going through the application process with Skipton too.

At the time of applying via our broker we did exactly that, screenshots of savings going into an E-Savings account. Broker was convinced this was enough.

Out of interest, may I ask how long it took Skipton to approve your mortgage? We are hoping to hear something this week.

monkeysrevenge

Hi Blackcat,

Thanks, I think we'll do the same then. Is that just a case of showing the monthly debit from my bank account to savings?

When we did the online app through the broker, it came up with an immediate "PASS" and "FMA Accepted" on screen within a minute. We've just paid the valuation fee and now at the point where we're submitting bank statements etc.

I gather after speaking to Skipton this morning it's usually a 5-6 day turnaround with the underwriter. So hopefully towards the end of next week we'll have a formal offer, as long as the valuation comes back OK

BlackCat^

Yeah, we literally just took a screenshot of the E-Savings account which showed a consistent amount being entered into the account for a 3 month period (in line with the 3 months of other statements). Broker was convinced this was ok, not heard back from Skipton yet though.

Slightly different experience with us, we applied via broker and our DIP went down as "Referred" rather than straight pass or fail (apparently very common for Skipton). The following day an an underwriter manually approved our DIP and we proceeded with the bank statements, pay slips etc. That was 2 and a half weeks ago, and they are yet to ask for the valuation fee. I suspect this may be due to the DIP being a close call for us and they want to underwrite our documents first. So what is happening for you looks a better/good sign. Best of luck.

monkeysrevenge

Fingers crossed for you too!

On another note, are you using conveyancers from their "Panel"? We've done that as our usual solicitor isn't approved by them, but haven't heard who we've been allocated yet.

BlackCat^

Interesting one. I wasn't made aware they had a panel.
We appointed our usual solicitors and paid fees for searches and such. They even have things at the draft contract stage just awaiting the mortgage offer to arrive for Skipton. Hopefully the need to pick from their panel isn't something that has been overlooked by our brokers.

monkeysrevenge

When we went through the application process, there was a tick box towards the end asking whether we already had conveyancers or not, and if so, they have to be approved by Skipton or part of their 'panel'.

Might be worth giving them a quick call to confirm, though if you've got to this point they probably have approved who you're using.

nunoamorim

Good luck with Skipton.
Messed me about for 3 months, their response time is appauling, bunch of amateurs.

My Advice : Do not go with them, you will thank me later

monkeysrevenge

Already submittted the documents. Unfortunately due to most other lenders not taking partner's income and situation into account, we have very little choice in who we can go with.

What sort of problems did you end up having?

ValHaller

monkeysrevenge wrote: »

The total deposit required is £15k, of which about £1.5k will be gifted as a top up from my parents.

I wouldn't take a gift like this for a deposit. I would take £1500 as a cash gift and deposit it in my current account.

nunoamorim

monkeysrevenge wrote: »

Already submittted the documents. Unfortunately due to most other lenders not taking partner's income and situation into account, we have very little choice in who we can go with.

What sort of problems did you end up having?

Went like this:

Viewed house 9th March 2013 ans spoke to FA on the same day.
Looked at the rates and settled for Skipton, same day again.

Over the next month, seemed they (Skipton) were asking for documents, info on a drip.

We sent out all relevant Docs (ID card, Passport, Driving Licenses, Bills etc) in the first week.

Then over the next 2 months we had to resend all info again, as they were requesting info and docs that we had already sent again and again.

For each piece of info ...seems they require a week to deal with it.

The survey was done first week of May (in there it mentioned about the solar panels) mortgage offer sent to us on the second week of may which would indicate they were fine with the solar panels and the lease.

Our solicitor pointed out that there was no mention of the solar panels (25 year lease) and thats when all went t its up.......