Nationwide want to trace deposit money

garreh

I've applied for a mortgage and been accepted and have a large deposit (over 50k) and they have asked for statements so they can essentially trace the money, presumably for money laundering purposes. The problem is that I've been saving this money for 8 years and have had roughly 20 savings account during that time. I currently have over 12 accounts each with a portion of the deposit money in and lots of transaction history.

Should I just print off all the statements for all my accounts dating back as far as possible and give them that? It's reasonable for them to request myself to demonstrate that it's my money, but not very reasonable if I have to go thru over 200 statements matching up the values etc.

Our mortgage consultant was surprised to hear I had so many savings account and almost suggested it wasn't normal.

Has anyone else experienced a similar problem, or any suggestions?

amnblog

It's not a question of being reasonable. It is the law and Nationwide are trying to protect themselves under it I am afraid.

Give them what they request or they won't lend.

AnotherJoe

Dump the lot in their laps and let them sort it out

garreh

I'm not disputing that I need to provide them with the information at all, more the fact that I've been tasked with matching up the values, highlighting etc. I feel that is the banks logistical problem. I can provide the statements showing proof it's my money but if they want to go through it all then they will have to find the resources to do that.

Thrugelmir

garreh wrote: »

I'm not disputing that I need to provide them with the information at all, more the fact that I've been tasked with matching up the values, highlighting etc. I feel that is the banks logistical problem. I can provide the statements showing proof it's my money but if they want to go through it all then they will have to find the resources to do that.

It's your problem not the lenders. There's plenty of other mortgage applicants. If you can't be bothered. Try another lender.

garreh

Thrugelmir wrote: »

It's your problem not the lenders. There's plenty of other mortgage applicants. If you can't be bothered. Try another lender.

There's no need to be rude, it's nothing to do with not being bothered. Also suggesting to 'try another lender' isn't really constructive advice.

AnotherJoe

garreh wrote: »

I'm not disputing that I need to provide them with the information at all, more the fact that I've been tasked with matching up the values, highlighting etc. I feel that is the banks logistical problem. I can provide the statements showing proof it's my money but if they want to go through it all then they will have to find the resources to do that.

I'd missed that. Thats not correct "they will have to find the resources to do that."

If you dont match it up they can just say "looks dodgy to me, we wont lend". I think you've forgotten who's asking for a loan here,and therefore who has the power. Clue, its not you.

garreh

AnotherJoe wrote: »

I'd missed that. Thats not correct.

If you dont match it up they can just say "looks dodgy to me, we wont lend". I think you've forgotten who's asking for a loan here,and therefore who has the power. Clue, its not you.

Fair point. But let's also remember who's got an interest in my money as well, quite literally.

I just think that they can logically say he's been working for X years earning on average X amount and based on outgoings has around Z amount of savings. They will have to do that at some point, unless they intend to add up every single income, outgoing etc to work out my savings.

This post was more about has anyone else experienced such an indepth requirement of tracing deposit money who has a number of accounts as well -- and how did the bank ask for proof for them? This is moneysavingexpert afterall -- others must have a lot of bank accounts too.

amnblog

Occasionally lenders get a bee in their bonnet about deposit on a case and then get painful with their requirements.

This problem for you is amplified by 12

Thrugelmir

garreh wrote: »

There's no need to be rude, it's nothing to do with not being bothered. Also suggesting to 'try another lender' isn't really constructive advice.

I'm merely responding to this comment.

"I feel that is the banks logistical problem".

The constructive answer is simply do what's been asked. As you'll complete the task in a fraction of the time an outsider would. As you know what your activity has been during the period. Putting aside any regulatory responsibilities that lenders need to adhere to. They don't employ people to provide free services to potential customers. Simply too expensive and would negate any profit made from lending the money.

prosaver

how did you save over 50k? ..60 k 70 k.1000k whats the amount?
....if no reply its a troll .
move on