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source of fund
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
Hi there,
two questions really
1) My salary is the minimum wage and this coming April the national minimum wage is going to go up. Do I have to report this to my lender? lender being the nationwide bank to which I have applied for the mortgage directly without the assistance of a mortgage broker.
2) Secondly, the source of deposits is from outside the UK: it is from a country that is deemed high-risk.
When I first applied for the mortgage, the nationwide bank asked for the source of funds which I provide them with the evidence. The funds are currently in my UK bank account. My mortgage has gone through underwriting and I got my mortgage offer.
Does my solicitor still need to get approval for the source of funds from the bank?
two questions really
1) My salary is the minimum wage and this coming April the national minimum wage is going to go up. Do I have to report this to my lender? lender being the nationwide bank to which I have applied for the mortgage directly without the assistance of a mortgage broker.
2) Secondly, the source of deposits is from outside the UK: it is from a country that is deemed high-risk.
When I first applied for the mortgage, the nationwide bank asked for the source of funds which I provide them with the evidence. The funds are currently in my UK bank account. My mortgage has gone through underwriting and I got my mortgage offer.
Does my solicitor still need to get approval for the source of funds from the bank?
0
Comments
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You have already applied for a mortgage with Nationwide and it has already been approved with your wages at the old rate.
Getting a pay rise should help your application.
You have already supplied evidence about the source of your deposit so unless your solicitors wants more information due to money laundering checks that should also be OK.
Any worries speak to your solicitor0 -
depends on depends on your solicitor. To some extent this may also depend on how long the money has been in your account and the original source eg if it is an inheritance and you can show a will with you named as the beneficiary and the dates and amounts match, then the solicitor may not require anything further.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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I suspect your solicitor will want to do money laundering checks - independently of whatever the Nationwide has done.0
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