Proof of deposit

DocHants

Hi should a mortgage broker or lender ask to see proof of deposit before agreeing mortgage?

Also curious if the mortgage broker works on behalf of estate agent, again, should they confirm mortgage eligibility and therefore proof of deposit before allowing a buyer to make an offer on a property??

boosh_82

Hi,
We had to give proof of deposit to our Lender (NatWest) via our broker but this was at the full application stage after we had received a decision on principle based on affordability.

kingstreet

Regardless of the lender involved, we obtain;-

proof of identity
proof of address
three months payslips
three months bank statements
proof of deposit
gifted deposit letter & donor bank statement (if applicable)
P60
mortgage statement or evidence of rent payments.

Then we fulfill our regulatory obligations and have anything which could be requested by the lender.

brenda10

kingstreet wrote: »

Regardless of the lender involved, we obtain;-

proof of identity
proof of address
three months payslips
three months bank statements
proof of deposit
gifted deposit letter & donor bank statement (if applicable)
P60
mortgage statement or evidence of rent payments.

Then we fulfill our regulatory obligations and have anything which could be requested by the lender.

Just to ask;
1. Do bank statements have to be the official ones(paper copies issued from the bank) or can they be my printouts?
2. I have 50,000 saved in another bank, can I print out the pages to show interest etc and amount held , is this sufficient to show the proof of deposit?or do I need to send for paper bank statements?


many thanks for your help Kingstreet / other people

kingstreet

You need to establish your lender's requirements.

FreddieFrugal

brenda10 wrote: »

Just to ask;
1. Do bank statements have to be the official ones(paper copies issued from the bank) or can they be my printouts?
2. I have 50,000 saved in another bank, can I print out the pages to show interest etc and amount held , is this sufficient to show the proof of deposit?or do I need to send for paper bank statements?


many thanks for your help Kingstreet / other people

Depends on lender. Ours was happy with a print out as long as it shows the URL of the web page in it, which they do automatically when you print them, as long as you have headers and footers on in print options.

I had to get bank copies stamped because I had to prove where money in accounts had come from and some was from closed accounts with a different bank.

DocHants

Ok, so we are at week 23, and have first time buyers make an offer on our house, which we accepted. At week 20 we are told that they received some final paperwork to sign and noticed the numbers don't add up. Im frankly quite amazed at this, as surely they would have been aware of all the figures and had paperwork, shortly after application.

We were even told by the estate agents about 6 weeks ago that their mortgage had been confirmed by the lender who then went to survey... so we thought things had finally started to move.

We are now having to wait while they gather the remaining finances for the deposit. They tell us the mortgage broker messed up, and the estate agents/mortgage broker are blaming the borrowers, and are closing rank on themselves and not revealing anything.

Being first time buyers, and perhaps a little naive to the process, Im blaming the mortgage broker.. but then, I suppose they can only act on what they are told and see.

If everything galls through, not only do we stand to lose the house we had seat our hearts on, but survey costs, legal fess etc... We turned down higher offers after accepting this offer, and had several other parties who may have been in a better position, because they were a young family, and we wanted them to have the house...

I suppose that's just the joys of buying and selling, with no protection of either party during the process prior to exchange... I assume there is nothing we can but hope it does all go though ok, but do have out doubts...

coco__nutty

boosh_82 wrote: »

Hi,
We had to give proof of deposit to our Lender (NatWest) via our broker but this was at the full application stage after we had received a decision on principle based on affordability.

Hello,

Would you mind disclosing what exactly you submitted as 'proof of deposit' ? Was it just a statement showing your bank balance or any further info on how the funds were accumulated etc?..

Thank you