Nationwide proof of deposit - after offer?

elance

We are requested to provide proof of deposit because of low loan to value, we are short by £15k for the deposit, I am arranging the deposit. Is there any possibility to provide proof of deposit after getting an offer from NW? Our survey is already done and satisfactory.

Please help. Thanks

KRB2725

How are you arranging the deposit?

When you made the application were you asked where the deposit was coming from?

Eta, just seen your other post where you mention being 10K short, it may be helpful to explain the exact position you're in.

elance

Thanks for the response. I mentioned "personal savings". But I am borrowing from a friend.

stephenni1971

elance wrote: »

Thanks for the response. I mentioned "personal savings". But I am borrowing from a friend.

In that case you wont get your mortgage offer....

betmunch

Why didn't you put the correct source of funds?

What did you expect to do when they asked for proof of deposit?

andys15

Could a person withdraw 15k as cash, give it to friend, then that person puts it in their account and claim to have saved it under the mattress/ won it at the bookies.

jaxkesa

Cancel the application before you waste any more money or try and explain the situation to the lender.

If you mentioned 'personal savings' but can't show a build up of funds when asked for proof, you won't to get an offer.

betmunch

andys15 wrote: »

Could a person withdraw 15k as cash, give it to friend, then that person puts it in their account and claim to have saved it under the mattress/ won it at the bookies.

You could do that.

However, that's not what's happened so its mortgage fraud.

Having £15,000 that's of unclear origin might as well stick a massive red stamp on the application saying "please audit me!"

Lenders are not stupid, neither are solicitors who will be checking deposit money. If you want a mortgage do it right or not at all

andys15

Oh I am just playing devils advocate. How could anyone proof that you haven't stashed cash away for years. You could argue you have saved all your birthday/ Xmas money every year for 20 years.

alchemist.1

andys15 wrote: »

Oh I am just playing devils advocate. How could anyone proof that you haven't stashed cash away for years. You could argue you have saved all your birthday/ Xmas money every year for 20 years.

Indeed you could.
However, they don't need to or are under any obligation to accept your reasons. Remember its not the lender who needs to prove where the money has come from, it is you.

Have you tried depositing that sort of cash in your bank account without any receipts? There are a few that will blankly refuse to bank it due to money laundering.