Proof of Deposit Nationwide..what and how to send

sleepyheadalk3

Hi

We have posted off our mortgage application two weeks ago with the requested documents. We received this email last Friday:

"Hello Mr & Miss

I am looking after your home purchase application, I will need to see you proof of savings to confirm your bonus.

Kind regards
"

We then replied with the statement attached. He responded to say the underwriter would want to know where the deposits came from so a brief description attached would be sufficient. We completed this and heard nothing back so today called up and were told that the statement should have been sent in (there was no mention of this on the email).

We are now unsure of what exactly should be sent? We are going to phone first thing in the morning but my head is now buzzing with questions.

The main issue for us is that £4000 is coming from our own personal savings which we can evidence..the other £3400 is coming from partly one of our parents as money that doesn't have to be paid back and the other £1400 from money that was put aside years back after a relative passed away. We are worried about how to prove this as it sounds like a story!

So I guess my question is will a statement showing the total with a letter attached explaining the amounts be sufficient for the underwriter? I was under the impression it was our solicitor who would deal with the money laundering side?

I am a born worrier and it just seems that the more I try to explain where the funds are coming from it seems like I am hiding something..which we are not!

Thanks for reading and sorry for the long post

kingstreet

The gift should be disclosed as such and a gifted deposit letter attached.

Here's a link to the Dudley's version if you can't put on together yourself;-

http://www.dudleybuildingsociety.co.uk/intermediary/EVIDENCE%20OF%20DEPOSIT.pdf

holly_hobby

sleepyheadalk3 wrote: »

Hi

The main issue for us is that £4000 is coming from our own personal savings which we can evidence.

Thats fine, just attach your statement showing this.

sleepyheadalk3 wrote: »

.the other £3400 is coming from partly one of our parents as money that doesn't have to be paid back and the other £1400 from money that was put aside years back after a relative passed away. We are worried about how to prove this as it sounds like a story!

You must declare that at least the £3400 as a parental gifted deposit - whereby your parents will be reqd to sign a disclaimer confirming that it is to be made without reservation, requirement of repayment or in exchnage for any interest in the property - they will also have to provide proof of the monies held (ie bank statement).

Although you say the other £1400 is essentially an inheritance, as it is coming from your parents banking account (as they have held onto it form some reason), it will at first glance come under the parental gifted deposit requirements, unless of course it can be proven as something other than this, by for example any documentation supporting the inheritance etc.

To be honest for the amount we're talking, and the fact I doubt parents will still have an audit trail, and also for speed and ease ..... I would simply state the whole £4800 is a gifted deposit from parents, they sign the disclaimer for this amount, and alls happy.

Hope this helps

Holly

sleepyheadalk3

That's great thanks...will they require a statement from the parents bank to show the transfer to our account? I would have thought no seeing as we were only asked for a brief explanation however I don't want to hold things up for longer than needed by not sending enough. I worried about everything prior to application...except the proof of deposit!! Typical

kingstreet

The lender won't ask for the source statements, but the solicitor might.

sleepyheadalk3

holly_hobby wrote: »

Thats fine, just attach your statement showing this.



You must declare that at least the £3400 as a parental gifted deposit - whereby your parents will be reqd to sign a disclaimer confirming that it is to be made without reservation, requirement of repayment or in exchnage for any interest in the property - they will also have to provide proof of the monies held (ie bank statement).

Although you say the other £1400 is essentially an inheritance, as it is coming from your parents banking account (as they have held onto it form some reason), it will at first glance come under the parental gifted deposit requirements, unless of course it can be proven as something other than this, by for example any documentation supporting the inheritance etc.

To be honest for the amount we're talking, and the fact I doubt parents will still have an audit trail, and also for speed and ease ..... I would simply state the whole £4800 is a gifted deposit from parents, they sign the disclaimer for this amount, and alls happy.

Hope this helps

Holly

Thanks for that I meant £2000 from one parent and £1400 from the inheritance money so £3400 in total gifted. The £1400 was kept in an account that the total sum was paid into for all of us (we each got a share and I understand now that will be difficult to prove!)..the days before I had internet banking so just seemed easier as I had no need for it a few years back. This is what I mean about it sounding dodgy when it isn't

I do also understand that in comparison to some people it is very little money however I suppose they still need to be certain.

I'll ring them in the morning and hopefully get it sorted. Will try and think of something else so I can sleep tonight lol.

Thank again

holly_hobby

If you can provide it yes, given that in my opinion they (and/or the solicitor) will prob ask for evidence of the gifted deposit, and that is coming from parents (which is acceptable to NWide).

Of course, quick call in the am to ask will settle the nerves on what proff they may require.

Hope this helps

Holly

sleepyheadalk3

kingstreet wrote: »

The lender won't ask for the source statements, but the solicitor might.

That clears a lot up and makes things simpler. Thank you

sleepyheadalk3

holly_hobby wrote: »

Thats fine, just attach your statement showing this.



Although you say the other £1400 is essentially an inheritance, as it is coming from your parents banking account (as they have held onto it form some reason), it will at first glance come under the parental gifted deposit requirements, unless of course it can be proven as something other than this, by for example any documentation supporting the inheritance etc.


Holly

Should also have mentioned the inheritance money wasn't from parents..was money left to us from a grandparent that we all got something from. Did wonder why you mentioned my parent's audit trail..they are still with us!!