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Gifted deposit not accepted by Leeds Building Society
Comments
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You've spotted the flaw in the plan.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Wrong lender.
Probably wrong broker.
Move on, with or without broker.
BTW a broker who can't actually read a form which says "Please be advised that Gifted Deposits are not acceptable from Non UK Residents" shouldn't be considered too carefully for future business opportunities.
So, why Leeds?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 -
Our BDM informed us that it's because the solicitor is expected to perform a bankruptcy search on the person gifting the deposit which they cannot do if they live abroad.
To pay the deposit into your own account here in the UK wouldn't work either as Leeds would want to see the trail of the money in order to satisfy anti money laundering legislation.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 -
Did you manage to solve your problem? If yes, how?0
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And how does the 3rd party show they've aquire it honestly? Unless they already have savingsYou've spotted the flaw in the plan.
I do wonder how many chains the lenders go back to identify the source of deposits and for how long.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
If it looks wrong, and smells wrong, it is wrong.
The loss of one client v a beating up from the regulator on Money Laundering Rules is a non brainer.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
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If it looks wrong, and smells wrong, it is wrong.
The loss of one client v a beating up from the regulator on Money Laundering Rules is a non brainer.
Playing devil's advocate, the only thing that is "wrong" here is that OP's parents live abroad. So discriminating against those with relatives who are foreign nationals is what's wrong.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Playing devil's advocate, the only thing that is "wrong" here is that OP's parents live abroad. So discriminating against those with relatives who are foreign nationals is what's wrong.
There's no discrimination. Lenders can set whatever rules of business they wish (providing they are legal of course).0
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