Nationwide - proof of deposit

hanfrangipane

Hi,

Can anyone who has been through a Nationwide mortgage application advise me of the point at which you have to prove your deposit?

Just trying to work out how long I have to ensure cash is where I need it to be! It's currently all over the shop as I saw a house quicker than I had time to get myself as organised as I'd like.

Thanks

Han

Barricade

Cant speak for Nationwide.. Post Office never asked me for proof of my deposit, however my solicitor did in the initial stages of the appointment.

Svenena

I'm currently going through an application with Nationwide, and like you, my deposit money is a bit scattered (in six different accounts). I had to submit proof of my deposit with my application, so I sent them the most recent statements I had for the six accounts.

Two days later they got back to my broker querying two of the accounts - one is an NS&I index linked savings certificate, which I opened in 2011, and they want something more up-to-date than the original certificate (which is all I have ever been sent from NS&I). I've requested NS&I send me an up-to-date valuation, which I'll then send on.

The other is my ISA, which has £23k in it. They want to see evidence of where that money comes from, so I've sent them my ISA statements going back to 2011 (which was quite a lot of hassle to get together!), so that they can see the money has accumulated through regular saving. Hope that will be enough, but we'll have to see.

They didn't query the three Lloyds vantage accounts I had with £5k in each, or my Santander 123 account with £8k, so I think it was just the date issue with NS&I, and I guess due to the amount in the ISA.

RickyC_IFSWP

Proof of deposit is usually submitted with the application. They'll usually ask for 6 months bank statements. If your money is held in different accounts, then be prepared to have the statements for each. I usually prefer to err on the side of caution and ensure things go right the first time. Hopefully your bank accounts are all UK based and in your name too, otherwise further documentation will be needed.

hanfrangipane

Thanks for the responses guys.

I will request paper statements from Lloyds (my main current account) now I think just so that I definitely have them.

We are not at application stage, but it appears that my case is being underwritten at DIP so I think I may need to get stuff together soon than I thought which is a bit annoying as I was needing my salary on the 26th to top me up to the full amount!

My boyfriend has the cash available but since he will be living in the house and not on the mortgage I can't submit his statement, we need to wait a little for it to build in my account.

I also have a chunk of cash (about £1.8k) that I've been saving in a tin for about 4 years of all my spare notes at £2 coins so I need to deposit that.

Just hoping if they do full underwriting at DIP that it doesn't take to long as our vendors won't remove the house from the market until we have a DIP, but the Estste agent thought it would be a one day job.

Nervous!

kingstreet

If you haven't been asked for POD now, you won't be asked for it by Nationwide. If your DIP was a refer and it's being fully underwritten prior to application, they request everything they will require.

Your solicitor will require POD, so getting the evidence together now is a good idea. Lenders often delegate this responsibility to the solicitor, even if they do not request it directly fro the borrower.

hanfrangipane

Thanks Kingstreet - the DIP has been referred to underwriter (on thurs AM) but haven't hear anything from them either way yet or whether they need further info.

I have bank statements from my account and my uncle is providing info of his gifted element.

Will just wait and see - I'm just panicking and overthinking everything as a nervy FTB!

seven-day-weekend

For our BTL mortgage (with The Mortgage Works, Nationwide's BTL branch), we sent it off at the time as the application. We sent recent statements of our ISAs and copies of our Premium Bonds Certificates.

kingstreet

hanfrangipane wrote: »

Thanks Kingstreet - the DIP has been referred to underwriter (on thurs AM) but haven't hear anything from them either way yet or whether they need further info.

I have bank statements from my account and my uncle is providing info of his gifted element.

Will just wait and see - I'm just panicking and overthinking everything as a nervy FTB!

The requirements list is produced as soon as the DIP is submitted, so the broker knows what to obtain prior to submission of the full application.

I can think of only one case in the last three months where we were asked for proof of deposit.

As I said, even if the lender doesn't ask directly, the solicitor will still be expected to obtain it, so it's a question of when, not if...

hanfrangipane

Oh I know Kingstreet, I fully expect to have to demonstrate it and that isn't a problem at all. But it'll take a little while to get paper statements etc and it'll be easier to wait for another months salary to drop in a week or so rather than waiting for statements from two places.

I just didn't want it to potentially hold up the DIP this week as I want that house off the market ASAP so that no one else can nab it for now!

Svenena

kingstreet wrote: »

The requirements list is produced as soon as the DIP is submitted, so the broker knows what to obtain prior to submission of the full application.

I can think of only one case in the last three months where we were asked for proof of deposit.

As I said above, I was given a list of documents to submit at the time of the DIP, which I did. DIP was approved, full application submitted, and then two days later Nationwide requested additional documents relating to my deposit. Perhaps I was just unlucky!

hanfrangipane wrote: »

But it'll take a little while to get paper statements etc and it'll be easier to wait for another months salary to drop in a week or so rather than waiting for statements from two places.

If you can get into branch, you should be able to get a paper statement straight away; I've done this at Lloyds, Santander and Halifax within the past couple of weeks. But you can just use print outs from internet banking anyway, and what Lloyds gave me was exactly the same as my own print out.