Nationwide want to trace deposit money

PasturesNew

Give it to them, in its entirety. Nothing to hide.
What they're looking for is where your mum's dumped the entire deposit into your account in the last few months really. That's all their interested in .... if your money's got a legitimate past that demonstrates it's yours/real ... or whether you've actually been given it, or borrowed it, recently.

garreh

Thrugelmir wrote: »

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.

Thank you for the more constructive advice. Although I have to disagree with your comment in regards to they 'don't employ people to provide free services' -- what would the arrangement fee, interest on the mortgage, admin fee, etc be for then? They *do* make a considerable amount of money from a mortgage application and I believe it's fair for them to have some logistical work if they need to satisfy their obligation for money laundering checks.

With that said, I agree that I would be able to go through it all in a fraction of a time than they would. It may not be quite a daunting task as I am imagining it. Currently just saving 130 statements and will soon find out I guess. :rotfl:

garreh

PasturesNew wrote: »

Give it to them, in its entirety. Nothing to hide.
What they're looking for is where your mum's dumped the entire deposit into your account in the last few months really. That's all their interested in .... if your money's got a legitimate past that demonstrates it's yours/real ... or whether you've actually been given it, or borrowed it, recently.

Exactly. I'm hoping if I just tie up 3 months worth of transactions they can see it's legit savings and I'm not the worlds most infamous drug kingpin.

garreh

prosaver wrote: »

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

Lol. Honestly you save that amount by being extremely disciplined, keeping track of your money and invest in good savings accounts. I make around £2,500 a year in interest currently and that's thru high street banks and P2P lending, no risky investments.

I won't disclose full amount so I'll just let your mind run wild and think I'm a troll :rotfl:

prosaver

garreh wrote: »

Lol. Honestly you save that amount by being extremely disciplined, keeping track of your money and invest in good savings accounts. I make around £2,500 a year in interest currently and that's thru high street banks and P2P lending, no risky investments.

I won't disclose full amount so I'll just let your mind run wild and think I'm a troll :rotfl:

its funny in 8 years youve only posted 10 post on this forum

davidmcn

garreh wrote: »

Exactly. I'm hoping if I just tie up 3 months worth of transactions they can see it's legit savings and I'm not the worlds most infamous drug kingpin.

Surely they've told you how far back they're interested in? Three months is a reasonable period.

Bear in mind the solicitor will want to do a similar exercise (I haven't encountered lenders being too bothered before).

betmunch

Have you asked how much history they actually want?

I'd be surprised if they want the full 8 years, although not that surprised, Nationwide are incredibly erratic at the moment.

If they only want 3 months history it can't be that big a job, can it?

As for the reasonability of it all, you could send them what you think is reasonable and ask them to make a decision based on that, I wouldn't expect that to go down too well though, but you never know. Like I said earlier, they are very erratic!

AnotherJoe

garreh wrote: »

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

Not really. Look at it this way. They have the ability to earn £X from someone when they lend on a mortgage. Since they have more potential borrowers than money, they are simply choosing who they lend money to. Will it be you, or will it be someone who has a simple set of cash flow to show, or will it be someone in the exact same position as you who clearly shows where the money came from? So they aren't losing out if they don't lend the money to you, there's a queue behind you for it and that's who you are in competition with.

This isn't to say what they are asking is reasonable. Just to point out where the power lies.Maybe you'll need to borrow from someone with a less anal approach than going back 8 years.

3 months though doesn't seem far back enough either if that's your proposal. If you were a cunning money launderer 3 months is not far back at all. They are, to be fair, trying to protect themselves from the government giving them a whacking big fine (which would dwarf the profit they make from you) because you either area launderer or because they are deemed to be too lackadaisical. The fact it's complex is, after all, what a launderer would do.

betmunch

Just had a check, their standard request is only 1 months history.
Definitely worth checking how much history they want

kingstreet

I agree.

A statement showing the latest thirty days transactions is the usual requirement.