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Zopa Account holding back mortgage application
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WorkHardPlayWell
Posts: 9 Forumite
Hi
Has anyone applied for a mortgage where their deposit is in a Zopa account? Zopa website does not give any online or written statements and the only evidence I have received was two excel files with deposit/withdrawals. I'm worried this will not suffice.
What would I need to satisfy the mortgage application? A letter headed letter from Zopa giving my full name and that the money belongs to me?
Appreciate any help!
Has anyone applied for a mortgage where their deposit is in a Zopa account? Zopa website does not give any online or written statements and the only evidence I have received was two excel files with deposit/withdrawals. I'm worried this will not suffice.
What would I need to satisfy the mortgage application? A letter headed letter from Zopa giving my full name and that the money belongs to me?
Appreciate any help!
0
Comments
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An excel spreadsheet is not going to do the job - you could put any figures in there.
Before applying anywhere ask the lender what they would need, explain the situation... or use a broker.I am a Mortgage AdviserYou 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.0 -
Can't you just cash out of Zopa (Rapid Return, I think)?0
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Wouldn't you WANT to cash it out before you have defaults? You never know how fast it can be between putting in an offer and getting to exchange.
I would want to be very sure of the money first!0 -
It would still lead to Zopa even if I cashed out via rapid return. Any amount over £5k is enquired upon. I ended up getting a letter from Zopa. They said they had experience providing documents for mortgage applications in the past.
Seemed to do the trick...0 -
Do you mean that you have money in a Zopa account that you have leant others, or that you've borrowed from others?
If it's the former, take it out and put it in your 'regular' bank account, if it's the latter - I suggest you speak with a broker ASAP as most lenders wouldn't like that.I am a mortgage adviser.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.0 -
Former~
Just needed to obtain the statements manually via email request until Zopa implement this in their site.0 -
On a side note, how have you found lending money to others via Zopa?0
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