Why does The Mortgage Works think I am a drug dealer?

The_Deep

I am a retired Civil Servant, lived at the same address for 15 years, banked with the same bank for 51 years, have been letting out property for 36 years, and I even hold a commission signed by Her Majesty in which she graciously describes me as "Trusty and Wellbeloved".

So why does "The Mortgage Works", (part of Nationwide), think that I am a criminal?

33 days ago I applied for a 50% BTL mortgage, paying them a large sum of money to value the flat.

I already have a one BTL mortgage with them, taken out three years ago, yet they are still not happy about the provenance of my 50% deposit. Most of it in I.S.A.s built up over seven years. However, they all e-I.S.A .s, and the only print outs I can get on line do not provide them with sufficient information for their needs, so they will not issue me with an offer, despite the large sum of money they have extracted from me. They ignore the fact that I already have a mortgage with them, and continue to treat me with suspicion.

My mortgage broker has told me that I am not alone, many lenders are reluctant to accept paperless accounts, yet most banks are eager to move away from paper.

I know the purpose of the money laundering regulations, but should they not be applied with a modicum of common sense.

dunstonh

However, they all e-I.S.A .s, and the only print outs I can get on line do not provide them with sufficient information for their needs

That is normal. Mini-statements and web based printed statements other than proper statements in pdf form are not considered acceptable by most.

so they will not issue me with an offer, despite the large sum of money they have extracted from me.

If you cant comply with a simple requirement then they have to be on guard.

I know the purpose of the money laundering regulations, but should they not be applied with a modicum of common sense.

When banks are being fined multi millions in money laundering checking failures, you can understand it. What is worrying me here is that your mortgage adviser works to the same guidelines and he too must surely be raising the same questions of you. Your ISA provider would have no problem supplying the required information.

opinions4u

Ask your ISA provider(s) for postal statements or a simple letter confirming balance and tenure.

mrginge

This sounds very much like a 'do you know who i am?' scenario.

The_Deep

They know precisely who I am, I am an existing customer. They carried out all of the checks three years ago.

opinions4u

The_Deep wrote: »

They know precisely who I am, I am an existing customer. They carried out all of the checks three years ago.

But they don't know about your deposit and want to cover their backsides with regulators and law enforcers.

If you want to borrow money sometimes you have to make a bit of an effort.

kingstreet

Here's TMW's deposit verification requirements;-

4. Source of deposit

TMW reserve the right to request evidence of deposit on all applications.

A minimum of one month's bank/building society statements(s) (dated within the last three months) is required for all applications:

If the deposit funds have been in the account for at least one month or the deposit is not in the form of a gift, then no further checks will be required

If the deposit funds have been in the account for less than one month, further evidence from savings, gifts and/or equity will be requested as follows

Applicant's own sources (Savings)

Acceptable Savings Proofs (UK Source):

One month's current bank or building society statement (dated within last three months) or passbook held in the applicant's name

A statement of the current value of ISA held in the applicant's name

Acceptable Savings Proofs (Non UK Source):

Non-UK EEA (European Economic Area) country source - three month's current bank/building society bank statement/passbook

Non-EEA country source - six month's current bank/building society bank statement/passbook

Where funds have been in a non-UK account for a period of less than three or six months respectively we require proof of their origination and evidence of funds transferred to applicant's UK bank account.

The source of any lump sum credit may be queried or proof of the build up of funds requested.

whitewing

Could the isa-holding institutions put a branch stamp and signature on a printout to verify it matches the details on record?

kingstreet

It may be worth posting Nationwide's requirements for bank statements here, to back up the TMW requirements;-

Accepting Bank Statements

Bank statements might be requested for a number of reasons; proving certain income types, receipt or payment of rent, payment of mortgage or general conduct.

Paper Bank Statements must show:

Customer(s) initial(s) or full name(s)
Customer(s) full address
Account Number and Sort Code
All pages must be numbered and visible
The required number of month's transactions showing
Bank/Building Society logo visible
Regulatory footer statement visible

Online Bank Statements must show:

Customer(s) initial(s) or full name(s)
Account Number and Sort Code
A valid web address displayed at the bottom of each page
All pages must be numbered and visible
The required number of month's transactions showing

Online bank statements are not acceptable for proof of name or address.

Thrugelmir

The_Deep wrote: »

They know precisely who I am, I am an existing customer. They carried out all of the checks three years ago.

I've held my bank account at the same branch since a teenager. Doesn't mean my bank knows everything about me.

bloolagoon

When we remortgaged for a better rate they accepted print outs and screen shots z