Nationwide audit trail? Chance of offer?

Bellarel

Hi I hope I will find someone here at the same stage waiting for their mortgage offer and can’t sleep 🙈.

Went with Mortgage Advisor.
DIP was referred on the 24th April  and accepted on the 27th April

Mortgage application sent on the 27th April. Received a text on the 28th that valuation has been booked for  3rd may. Which was last Wednesday. Got a text  from nationwide the same day that valuation report has been received.
 Today my MA told me he has checked in with nationwide and the valuation came back at the expected offer price, which is great.

MA told me that Nationwide has just  requested an audit trail for my funds. I have a child saver account and transferred £25k from the saver account to my current account on the 25th Jan. ( it has been back on the savings account since then) 

So I provided my MA the statement from my child save account t.

Do you know what audit trail means? Can there be an issue me transferring that amount? 

Bellarel

I have also not received any message from Nationwide about the valuation being reviewed just my MA told me. 

Brie

No - they just need enough information to ensure it's not ill gotten gains. Audit trail = where has the money come from?

Presumably the child saver account is in your name?  And you've had it for some time?? 

They may wish to see the last couple of years of statements or proof that the funds have been there for some time.  What they don't want to see is that you've had multiple small credits to that account over a relatively short period or have received some large amounts from somewhere they deem dodgy.  So basically there's no drug dealing, money laundering or some other crimes funding the account.  

K_S

@bellarel If the child saver account is in your name (something that you or your parents opened when you were a child), then it should be fine.

If it's in your child's name (and operated by you), it may be an issue depending on their specific criteria.

I can't recall Nationwide's criteria on source of deposit originating from the applicant's child's account.

Bellarel

@Brie thank you for your reply.

the savings account is in my child’s name who is 6 years old. Opened it about 3 years ago. I was saving the money on there because I haven’t had my own savings account and it’s connected to my current account( online banking). I haven’t got any credit or similar on this account. 

Do you think I Mode get declined ? 

Bellarel

@K_S thank you for your reply. It’s in my child’s name. My solicitor asked me for 6 months statement of the child saver account because of proof of funds and later accepted my proof of funds Is it different with the lender ? 

K_S

Bellarel said:

@K_S thank you for your reply. It’s in my child’s name. My solicitor asked me for 6 months statement of the child saver account because of proof of funds and later accepted my proof of foods. Is it different with the lender ? 

@bellarel Generally speaking, the solicitor is doing the work on behalf of Nationwide so if they're happy with it, it should mean that Nationwide is fine with it.

nws_1109

What did you provide as audit trail to the lender? Did the lender accept it and then issue the offer?
I was asked to provide audit trail for my gift deposit too. Thank you!

kingstreet

nws_1109 said:

What did you provide as audit trail to the lender? Did the lender accept it and then issue the offer?
I was asked to provide audit trail for my gift deposit too. Thank you!

The OP hasn't visited since June 2023 so a reply is probably unlikely. You would normally be expected to provide a Nationwide gift form with possibly bank statements to evidence the funds in the donor account and possibly arriving in yours.

nws_1109

@kingstreet thank you for explaining! I have provided gift form, donor's bank statement and my bank statements showing the arrival of the funds in my account in the first place. After that, they asked for audit trails of a couple of large deposits in my donor bank statements as they are either cash deposit or account closing transfer. Then I provided the term deposit certificate that was issued when depositing it and the confirmation receipt that was issued when my donor withdrew it. 2 deposits were deposited over 2 years ago and one deposit was deposited just 4 months prior to withdrawing it.

Will these satisfy the lender, from your experience?

kingstreet

Can't see why not.