Help! Proof of how I obtained a large saving

Angelaa1221

Hi. I am a first time buyer and I’m self employed. I applied for a mortgage with a help from mortgage broker. I got mortgage in principal (with platform) but now platform are asking for proof of how I obtained my deposit/savings! I have quite a high savings and all I could really say was it was through my earnings and saving hard for many years! They have my past 3 years tax overview along with my 3 months bank statement. I was still a master’s student for one of the years so my income was pretty low. They are not accepting my answer and saying they want more proof on how I got it! How do I prove that I saved money by just saving? I’m not sure which documents I can send more Help please!

[Deleted User]

Is it in a current account? (a hassle to prove build up) or a savings account (should be easy to print a few years statements to show build up)

Even in a current account, if you have online banking it really isnt that hard to download 12-18 months statements if they want

Get your broker to speak to the lender (or the BDM if the lender isnt being forthcoming) and find out what is needed to get past this case requirement

theartfullodger

Just show your tax returns to show the massive earnings you've had, that you've paid the tax & not hidden any income, and the bank statements showing you transferring your savings from your current or business account to your housing savings account.



Couldn't be simpler: There's not any other issues, are there?

Angelaa1221

I gave my tax returns, tax calculations, tax overview for past 3 years (16/17, 17/18, 18/19). I also gave my bank statements from all of my accounts and credit card statements as well. But I don’t think the lenders are accepting it. I have a feeling that they are asking ‘how did you manage to save this money in 3,4 years with your salary’. I have a low rent and don’t go out much so I managed to save quicker then the average I guess. I did offer so show them my 18/19 record of invoices and expenses but they want more and more proof for money laundering reason. I completely understand why they are doing it but just am so lost on how I’m suppose to prove this!

[Deleted User]

Angelaa1221 wrote: »

I completely understand why they are doing it but just am so lost on how I’m suppose to prove this!

What has your broker said? What has the lender asked for? A lender like Platform doesn't just say 'This isn't enough' they always ask for something specific.

Are you communication directly with the lender? There should be little to no back and forth for a broker as we dont just guess what the lender wants, we usually ask

[Deleted User]

I would have thought if you do a breakdown of earnings and spendings, month by month, that will help, along with proof of your rent and bills paid.

That's if the lender isn't asking for something more specific.

AdrianC

Is it definitely the lender who are asking, or is it the solicitor's money-laundering getting a bit over-zealous?

ACG

Ask your broker to ask what they want to evidence your savings.
Do they want 36 bank statements (3 years) worth?
Do they want a statement for every quarter or every 6 months to show the build up?

What do THEY want?
Then you can decide if you can and/or happy to provide it and go from there.

Angelaa1221

I'm not in direct communication with the lender. The mortgage broker said 'they are also asking for more proof of how you obtained £ savings, I understand you have said that you work a lot and save hard but for money laundering reasons they need to cover themselves and asking if you can send over any statements etc to show how your savings has built up?' I already sent 3 months statement. Maybe I should send past 6 months statement?

AdrianC

Angelaa1221 wrote: »

I'm not in direct communication with the lender.

Easily resolved.

Just pick the phone up, and talk to them.

Thrugelmir

Angelaa1221 wrote: »

I already sent 3 months statement. Maybe I should send past 6 months statement?

Send them sufficient statements that show the activity in your accounts to cover the deposit saved.