Proof Of Deposit

TopperHarris

Quick question,

If my company are willing to give me a salary payment advance (not a loan) can i use this for my deposit source? Example, being paid twice in one month to make up a shortfall in deposit funds?

Thanks

marksoton

Iv'e no idea about individual lenders but i wouldn't imagine they will.

Regardless of no interest it's still by definition a loan you will at some point have to repay.

Therefore it's a liability.

TopperHarris

Would it be paid back though? One would be working for that money, just receiving it earlier than they would normally.

Senior_Paper_Monitor

Therefore one's disposable income for a period of time (until it is paid back) is going to be lower than declared.

This is not a strategy/argument that is going to be welcomed by any lender.

This is easy to spot on payslips.

marksoton

Which means you wouldn't receive it in the future for that work. So it's a loan.

Rather than trying to be clever just save the money up and submit a legitimate deposit.

TopperHarris

There is a valid reason for the question. Exchange is not for 2 months yet, and at application i was told by broker that lenders would be happy to allow time to save shortfall. Now the lender is asking for 100% deposit proof.

Application has been submitted. No one is trying to be clever. Just looking for ways to get the shortfall together should the broker not be able to fix the problem this coming week.

Thrugelmir

TopperHarris wrote: »

There is a valid reason for the question. Exchange is not for 2 months yet, and at application i was told by broker that lenders would be happy to allow time to save shortfall. Now the lender is asking for 100% deposit proof.

Application has been submitted. No one is trying to be clever. Just looking for ways to get the shortfall together should the broker not be able to fix the problem this coming week.

Seems as if your broker should lend you the money. As their advice.

TopperHarris

Constructive - thanks!

marksoton

TopperHarris wrote: »

There is a valid reason for the question. Exchange is not for 2 months yet, and at application i was told by broker that lenders would be happy to allow time to save shortfall. Now the lender is asking for 100% deposit proof.

Application has been submitted. No one is trying to be clever. Just looking for ways to get the shortfall together should the broker not be able to fix the problem this coming week.

Well then it clearly wasn't your full application. The lender is quite rightly checking you have funds in place. You don't.

Save the money up and reapply when you do. Oh, and sack that broker.

TopperHarris

No point in arguing or counter arguing you comment on "quite clearly wasnt full application".

Fee paid for application, valuation fee, hard credit check completed and acceptable (on CRA) and documentation submitted and accepted. Then the request for deposit which came afterwards.

Have a nice evening.

Thrugelmir

TopperHarris wrote: »

Constructive - thanks!

Little one can say about poor advice. The broker should have been aware of the lenders requirements.