proof of deposit required for mortgage application

sam2015_2

I'll be applying for mortgage with Natwest soon through my MB. Do I need to provide documentation evidence to where ALL the deposit is coming from at this stage?
Majority of the deposit is coming from the re-mortgaging of my current property-could give the mortgage offer I guess.
I haven't got the gift deposit letter yet, the person is away for few weeks. I could give that letter later on.

Do Natwest want to know where all (100% of it) of the deposit comes from? Or was it enough to say majority comes from re-mortgage.

Please advise

stator

They'll want to know the source of all the deposit before exchange. Money laundering regulations mean they'll want to see bank statements etc. Major pain in the bum

ExpertAdvice

The mortgage offer letter or a letter from the solicitor if showing the completion should be sufficient to show the monies from remortgage.

As far as gift letter is concerned, lenders dont need to see the source of deposit at the DIP stage. However, they can request it once the full application is submitted. Also, your mortgage would need to see it for his compliance purposes. I generally ask for a gift letter, donors id proof and bank statement showing the gift deposit.

amnblog

The Lender will ask where all of the deposit is coming from and can ask you to prove it.


A mortgage broker submitting your application without that proof to hand is putting themselves at risk and I would be proceeding once we had the gift letter.