Nationwide and gifted deposit mortgage - do they like it? Worried

Rollinghills

I did not realise that we were doing anything unusual, sole mortgage since I'm not working didn't seem like a dodgy idea, clearly we were wrong.

If we are rejected what would be the recommended lenders? We may go through a broker but I'd like to look at their products first. We wanted a specific mortgage and only a few banks offer it, nationwide, first direct, santander, maybe 1 or 2 others.... So maybe we'd have to rethink that also.

kingstreet

Here's the Santander view of your situation, as an example;-

If you answer yes to any of the following questions, unfortunately we will decline the application;-

Will an occupier who is not an applicant on the new mortgage
application be paying a lump sum towards the purchase of the
property?

Halifax may not take that view, I can't say...

Rollinghills

kingstreet wrote: »

Here's the Santander view of your situation, as an example;-



Halifax may not take that view, I can't say...

Oh no.... how about nationwide, anyone? I wish I knew this, I could have just transferred all the money to hubby 3 months ago then would have been ok wouldn't it. I thought when you're married all finances are joint and all that, can't believe we were so naive and it might cost us dearly now.

glasgowgirl80

kingstreet wrote: »

That's because Halifax delegates deposit and money laundering stuff to your solicitor, who is also acting for it and is not interested in being given gifted deposit letters and explanations itself as it has nowhere to put them.

Ah ok, so does this mean that the mortgage can still be pulled? My broker spoke to the underwriters about it and said they were fine and my solicitor didn't seem concerned as the amount of money was quite low but I guess I will have to wait and see....

glasgowgirl80

Rollinghills wrote: »

Oh no.... how about nationwide, anyone? I wish I knew this, I could have just transferred all the money to hubby 3 months ago then would have been ok wouldn't it. I thought when you're married all finances are joint and all that, can't believe we were so naive and it might cost us dearly now.

We were the same, I had no idea this would be an issue or that we were doing anything 'wrong', it's all 'our' money, it was just in my husbands ISA because it got better interest. I was told that Halifax and Woolwich would be ok with it but no idea about nationwide unfortunately and I'm still waiting to see what happens with Halifax!

Rollinghills

Oooh last time I looked Woolwich also had the mortgage we wanted, will check it again, thanks!

Rollinghills

Spoke to nationwide and it seems they *might* just be ok with our situation, they are asking for some extra unrelated paperwork but once received pre-approval should follow within 24 hrs. I won't relax until I see it but there is some hope!

Rollinghills

Well I'm happy to report that we have got an offer from Nationwide. It took forever (more than a month) but they did not query the gifted deposit.

Thrugelmir

Rollinghills wrote: »

Well I'm happy to report that we have got an offer from Nationwide. It took forever (more than a month) but they did not query the gifted deposit.

Your solicitor will handle any issues surrounding gifted deposits on the NW's behalf.

Rollinghills

I already signed a gifted deposit form for the solicitors. Let's see if there is more, I hope not.