Mortgage Broker not accepting evidence of shares held through Freetrade app

strix_aluco

Over the last couple of weeks I've been going through a mortgage application for a shared-ownership property and have had to provide documantation to support evidence of a £40,000 deposit. Around £22,000 of this was invested in stocks and shares which I have now sold. I have around £18,000 in a Hargreaves Lansdown ISA and £4000 with the Freetrade App. While the mortgage broker will accept the Hargreaves Lansdown statement they will not accept the two screenshots I have uploaded of my Freetrade Account. Though I have withdrawn the Freetrade money (which shows on my bank statement) into my current account they would still require evidence of where this has come from. I find it baffling comparing the HL and Freetrade statements side by side why they would accept one and not the other, since the Freetrade statement contains my name, account number and links to the last 4 digits of my bank account number; Freetrade is also a mainstream share-trading platform with testimonials from mainstream media publications like Forbes, Financial Times, Daily Telegraph etc etc.
I have uploaded redacted statements of HL and Freetrade respectively:

AdrianC

What did they say when you asked them why?

I suspect the answer will be along the lines of them trusting HL's KYC/AML procedures more than Freetrade's, so they want to see how the money reached Freetrade, not just that it came to you from there.

For all they know, the £4k in Freetrade was deposited there by Uncle Vlad in Moscow and his mate, Luigi-One-Eye in Palermo, as a little gift to thank you for your help in a tricky delivery matter... But they trust HL to have picked up on such shenanigans.

Remember, the AML legislation requires your solicitor to satisfy themselves as to the legitimacy of funds, but leaves it to their discretion as to how they do so.