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Overseas gift deposit BTL


Hi, just posting my question here and hoping some one can share their experience. It is Santander BTL application with LTV 70%. Single applicant. I am a full time employee. After nearly two months waiting (application submitted on 30/11/20) , Santander head office got back with requesting further documents regarding non-EU overseas gift deposit. I have a gift deposit £26K from Mom 10 months ago. They needs my mom’s three months bank statements before the transfer. But I found the bank statement shows my mom’s friend loan repayment 15K. I am not sure Santander will accept it. At that time, my Mom had 20K savings in another bank account (one year fixed term deposit ) but she didn’t realise it would be a issue and just use the bank account where shows loan repayment from her friend to transfer gift monies to me. I was advised here by a profession that Santander BTL will not accept third party contribution( great appreciate the point) Should I go ahead with Santander or just give up ? I feel so frustrated and could not sleep very well. If I provide requested documents to them, It may take another one or two even three months waiting with back and forth queries. Even though I may get rejected in the end. It would affect my credit score and affect my next application. If I start new application with new Lender simultaneously, will the two applications would be affected by each other? Sorry for too many questions. Feel so panic now. I would be appreciate it if anyone can advise me on it. Much appreciated your help!
Comments
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@alvin5 Just to add a bit of nuance to the Santander BTL criteria re deposit, this is what it states -- if your seller is willing to wait and you can get the documents requested at this stage, then since you've got this far it's worth continuing with Santander and seeing where it gets you.- on the other hand if time is of the essence then it may be worth considering a BTL lender who is ok with foreign family gifted deposits. Though tbh there is no guarantee that they (or the solicitor) will not end up asking for similar stuff.- your credit check from Santander is not by itself going to stop you from getting another BTL mortgage, so don't worry excessively about that
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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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K_S said:@alvin5 Just to add a bit of nuance to the Santander BTL criteria re deposit, this is what it states -- if your seller is willing to wait and you can get the documents requested at this stage, then since you've got this far it's worth continuing with Santander and seeing where it gets you.- on the other hand if time is of the essence then it may be worth considering a BTL lender who is ok with foreign family gifted deposits. Though tbh there is no guarantee that they (or the solicitor) will not end up asking for similar stuff.- your credit check from Santander is not by itself going to stop you from getting another BTL mortgage, so don't worry excessively about thatI will try Santander.just give up to meet stamp duty holiday. It is also too late for solicitor to complete conveyance before 31 March as well.1
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Alvin5 said:K_S said:@alvin5 Just to add a bit of nuance to the Santander BTL criteria re deposit, this is what it states -- if your seller is willing to wait and you can get the documents requested at this stage, then since you've got this far it's worth continuing with Santander and seeing where it gets you.- on the other hand if time is of the essence then it may be worth considering a BTL lender who is ok with foreign family gifted deposits. Though tbh there is no guarantee that they (or the solicitor) will not end up asking for similar stuff.- your credit check from Santander is not by itself going to stop you from getting another BTL mortgage, so don't worry excessively about thatI will try Santander.just give up to meet stamp duty holiday. It is also too late for solicitor to complete conveyance before 31 March as well.0
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Alvin5 said:
They needs my mom’s three months bank statements before the transfer. But I found the bank statement shows my mom’s friend loan repayment 15K.
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AAGG1234 said:Alvin5 said:K_S said:@alvin5 Just to add a bit of nuance to the Santander BTL criteria re deposit, this is what it states -- if your seller is willing to wait and you can get the documents requested at this stage, then since you've got this far it's worth continuing with Santander and seeing where it gets you.- on the other hand if time is of the essence then it may be worth considering a BTL lender who is ok with foreign family gifted deposits. Though tbh there is no guarantee that they (or the solicitor) will not end up asking for similar stuff.- your credit check from Santander is not by itself going to stop you from getting another BTL mortgage, so don't worry excessively about thatI will try Santander.just give up to meet stamp duty holiday. It is also too late for solicitor to complete conveyance before 31 March as well.0
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Thrugelmir said:Alvin5 said:
They needs my mom’s three months bank statements before the transfer. But I found the bank statement shows my mom’s friend loan repayment 15K.
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Alvin5 said:Thrugelmir said:Alvin5 said:
They needs my mom’s three months bank statements before the transfer. But I found the bank statement shows my mom’s friend loan repayment 15K.
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Disregarding where your mum got the money from, does your mum live outside the EEA? I ask because Santander do not accept deposits originating from outside the EEA on BTL cases.
How long have you had the money in your account? I ask because a lender clarified with me recently that they turn a gift to savings once a certain time has passed with it being in the clients account0 -
Deleted_User said:Disregarding where your mum got the money from, does your mum live outside the EEA? I ask because Santander do not accept deposits originating from outside the EEA on BTL cases.
How long have you had the money in your account? I ask because a lender clarified with me recently that they turn a gift to savings once a certain time has passed with it being in the clients account
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.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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Sounds like Santander were a strange choice then. Unless the broker checked with them and they are classing this as savings but if its a gift coming from outside the EEA then they certainly wouldnt be my lender of choice.1
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