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Declaring savings during mortgage application
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Paddy1977
Posts: 1 Newbie
Having an argument with the other half about this, watched this forum for years and glad I can finally join and ask something that I couldn't find already covered! :beer:
Basically, she has £30k in Premium Bonds which are for all intents and purposes, the Mother in Law's but none the less, in the wife's name. If the reason is important, it's because the Mother in Law already has her full allowance due to Father in Law's passing.
We are looking to move and remortgage and I am adamant that we declare this money as technically it is savings in the wife's name! She is happy to not mention it at all.
Obviously, if I was a lender I'd be looking at an amount of savings like this and wondering why it wasn't being used instead of trying to borrow!? Not to mention without even looking at the Terms and Conditions of a mortgage, I'm sure that declaring everything is in black and white!?
The wife sees no problem with not mentioning it but I do not want to be put in a situation later down the road, if anyone thinks this could occur???
If it's relevant, we are looking to borrow around £300,000 with £150,000 deposit/equity in current home.
Basically, she has £30k in Premium Bonds which are for all intents and purposes, the Mother in Law's but none the less, in the wife's name. If the reason is important, it's because the Mother in Law already has her full allowance due to Father in Law's passing.
We are looking to move and remortgage and I am adamant that we declare this money as technically it is savings in the wife's name! She is happy to not mention it at all.
Obviously, if I was a lender I'd be looking at an amount of savings like this and wondering why it wasn't being used instead of trying to borrow!? Not to mention without even looking at the Terms and Conditions of a mortgage, I'm sure that declaring everything is in black and white!?
The wife sees no problem with not mentioning it but I do not want to be put in a situation later down the road, if anyone thinks this could occur???
If it's relevant, we are looking to borrow around £300,000 with £150,000 deposit/equity in current home.
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Comments
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When I applied for my mortgage last month they didn't ask about savings - all they're interested in is how you're funding the deposit.0
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Who are you declaring it to?
Who is asking?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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