We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Proof of deposit?

Options
onthemend88
onthemend88 Posts: 258 Forumite
Fourth Anniversary 100 Posts Name Dropper
in Mortgages & endowments
We will be using either Precise, Kensington or possibly Aldermore for our mortgage application come the summer.

What is usually required for proof of deposit?

Thanks in advance :)
First Time Buyer
AIP 18/02/2020 - Full Application 25/02/2020 - Valuation - 16/03/2020
17/03/2020 - Mortgage Offer Issued
23/03/2020 - LOCKDOWN
19/06/2020 - Exchange of Contracts
07/08/2020 - Officially Homeowners

Comments

  • ACG
    ACG Posts: 24,555 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    There are far more options for adverse and/or 1 years accounts now than those lenders. Any reason why you have limited it to those?

    For proof, it will depend on where you deposit is coming from. Assuming it is savings, it would be a build up. So potentially a few months statements, possibly just the latest statement. They may not even need anything and just leave it to the solicitors.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    onthemend88 wrote: »

    What is usually required for proof of deposit?

    What's the source of the money?
  • onthemend88
    onthemend88 Posts: 258 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    Our disposable income that is put straight into savings every month.
    First Time Buyer
    AIP 18/02/2020 - Full Application 25/02/2020 - Valuation - 16/03/2020
    17/03/2020 - Mortgage Offer Issued
    23/03/2020 - LOCKDOWN
    19/06/2020 - Exchange of Contracts
    07/08/2020 - Officially Homeowners
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Expect them to ask for six months bank statements showing build up of savings.

    If any larger deposits are showing on the account expect the Lender to also ask for proof of the source of that deposit.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    onthemend88 wrote: »
    Our disposable income that is put straight into savings every month.

    Then should be easy to provide statements showing the deposits.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture