Aldermore - Deposit

emz1

Hi,
Wondering if anyone else has had an issue with this. My partner and I have applied to Aldermore through a broker due to me having 2 defaults due to come off in 2020. We are trying to buy my grandmothers house who passed away in November who i was very close to. I have spent time building my credit report, i have a credit card, car and phone bill which is all up to date and has been for a couple of years now. We have submitted all relevent docuements to Aldermore including proof of deposit but my broker has now came back asking for 3 months statements for my savings account and want to know why i have deposited cash and not through one of our accounts on some occasions. Since November we have depositied cash into the account four times. We got money from our engagement party in November which we deposited, then it was my partners 30th so he got money for that which we put in and also my birthday and £210 from my work menage. Is this going to stop us from getting our mortgage accepted? Any help will be greatly appreicated as i am extremtly worried we will be declined because of this. We both stay with my dad and he has to put his house on the market so potentially we will have no where to go. Any advice please!! Thanks

Thrugelmir

How much cash has been deposited in total?

ACG

Have you asked your broker?

I ask for 3 months bank statements as standard as do most lenders. Aldermore are one of the few who do not unless they think they need to. I doubt you have anything to worry about.

Did your broker not ask you for 3 months bank statements at the outset?

emz1

£2180 we have deposited. My mortgage broker did ask for 3 months bank statements from each of us from our normal account. Our deposit money is in a savings account which we printed a months statement to prove deposit money but now they have flagged up that we have deposited money and want a statement from the 1st of November where they will now see we have deposited 4 times since then. We are just really worried now that this will pose a problem but they are all genuine engagement party and birthday etc.

ACG

It is what it is, you can only tell them that and see what they say.
I am sure it will be fine. I dont mean this in a condescending way, but it is not a large amount (as in that if you were money launderers, it would be a lot more), it is in the realms of normal. I would not be concerned if I were the broker and I would expect an underwriter to have the same view. If they did decline you, I would be arguing your case.

But so far there is no signs of a decline, just that they want additional information.

emz1

Thanks! Yes I agree not a large amount of money for money laundering. Thanks for your advice I hope that they see it that way. Its just because this means so much to us that the waiting game is hard and uncertain. Hopefully find out early next week.

snoop2008

Good afternoon peeps.


OP, I hope all goes well for you.. regarding your deposits.


A few days ago I had one of those conversations with a chat line lady from Halifax regarding what kind of account my daughter could open where family and friends could contribute to her savings where she could use this money as part of her deposit. She advised that an easy access account would be a good choice and she confirmed it would be accepted for her deposit.


Friday we went into Halfiax and had a chat there , the young lady and her supervisor confirmed that the everyday saver was a good choice and family and friends could contribute. She asked how much would be given and we said just under 10,000 over a period of two years as my daughter is hoping to buy in two years time. She said I should not worry as they are only concerned if very large amounts, something like 250, 000 would be a worry and a major concern and cheques would be a good way making deposits too.


We explained sometimes it would be by cheques and other times cash from birthdays, Christmas etc... she confirmed it would be fine as this was the purpose of opening the every day account in first place.. My daughter wishes to keep her bank account deposit separate from any contributions from family and friends and as it stands this money can be used as part of her deposit.


We opened the account in the branch on Friday. Good luck to you.