Proof of deposit - stocks and shares ISA acceptable?

bigheadtodd

Hello,

We're applying for a mortgage with Natwest through a broker, they've come back asking for proof of deposit in spite of my having provided them with a statement of my stocks and shares ISA. My broker insists they need to see the deposit amount in a bank account - I was looking to sell my ISA holdings to fund this, but don't want to do this too early in case the sale falls through (the survey hasn't happened yet).

Does anyone know if a stocks and shares ISA is not a valid proof of deposit?

MovingForwards

The lenders concern is you won't have the deposit if S&S plummet.

leodis23

Nutmeg issued an evidence of valuation document for me which my broker accepted, so you should be able to ask your provider for something similar. As soon as I had an offer accepted on the property I reduced my risk level to 0 (Cash) to make sure the value didn't slip, this might further help your cause without fully withdrawing (if your provider allows that)

cii4ps

You think that's bad? I sold lots of stock and exchanged at a terrible time just to find out Skipton doesn't even accept the money in my current account because it came from stocks. 

I don't know why, I didn't care why, I'd already dealt with enough £$%^& from them and just decided to switch lender.

Thrugelmir

You're worried about the sale falling through, but not the value of the underlying investments?  Will you not find another property to purchase in any event. 

bigheadtodd

Thanks for the replies - I understand the risk, and had a reasonable buffer (30%) between amount of deposit needed and the value of my holdings but guess they are looking for more certainty.

I'll keep the deposit amount in cash in my ISA and see if that is acceptable - that way at least I don't lose my ISA wrapper in case the sale goes south.