Source of deposit document

amnblog

monkeysrevenge wrote: »

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

Lenders will want to see stamp duty (if applicable) available as well as deposit.

If any funds are coming from a gift you need a gift letter put together by your parents.

amnblog

ValHaller wrote: »

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.

The lender is trying to track the source of the deposit funds to satisfy money laundering rules and ensure you are not borrowing it elsewhere.

£1,500 cash arriving in your bank account is exactly the kind of thing they will have a problem with.

ValHaller

amnblog wrote: »

The lender is trying to track the source of the deposit funds to satisfy money laundering rules and ensure you are not borrowing it elsewhere.

£1,500 cash arriving in your bank account is exactly the kind of thing they will have a problem with.

Yes, it all gets spent on groceries. Don't take gifts for house deposits, take gifts for groceries.

It allows the giver a claim on the goods in your freezer.

BlackCat^

How is your Skipton application progressing monkeysrevenge?

Skipton looked at our documents for the first time on Tuesday and requested a few extra payslips. They also requested our "Proof of deposit" which we had passed to our brokers upon application but for some reason they neglected to pass onto Skipton in the initial application so have now passed this on. Valuation fee taken from account too (positive sign I hope), but no valuation date yet set.

Did Skipton find your screenshots of the savings acceptable? Our brokers seam to think that is all they need when the deposit isn't gifted. But I'm starting to have doubts about the quality of our broker after they messed up some simple aspects of our application

Drawback for us is now they have asked for extra stuff we go backwards in the pile so they are next due to look at our case next week. I guess this is in line with what nunoamorim said about them taking a week to look at new stuff... I just hope that's all they need now.

kingstreet

FWIW I submitted a Skipton app on 24 May. I uploaded all the supporting docs at the same time and the case was not even looked at until 5 June, when the valuer was instructed.

The valuation was done 13 June and the case was offered same day.

20 days from application to offer. I've known better and I've seen worse!