Direct dealing with bank without MA

user1977

intex310 said:

amnblog said:

Your friend bought gold off of you with cash raised on a credit card.

You may find a mortgage adviser does not want to deal with you anyway.

I bought it with my tax paid income. If he wants to buy it, is it illegal?

No, it's not illegal. But it's proving that your money came from a legitimate source which is the issue. What's the source of your friend's funds? Can you prove you owned the gold? What payment methods did you use to buy and sell the gold? Is there a paper trail or was cash involved at some point? And so on.

ACG

intex310 said:

amnblog said:

Your friend bought gold off of you with cash raised on a credit card.

You may find a mortgage adviser does not want to deal with you anyway.

I bought it with my tax paid income. If he wants to buy it, is it illegal?

Thats the problem isnt it... Can you prove it is not illegal? Can you prove that it is not just legal but you have been honest? If this hit my desk I would have a list of questions and document requests - to the point where you would probably tell me where to go.

Brie

Can friend provide a bill of sale/invoice/receipt?  That with copies of whatever you have from when you bought the gold might suffice.

fyi - I've never used a mortgage broker.  

JMA74

intex310 said:

penners324 said:

Find a mortgage advisor who doesn't take a fee 

Why? am getting a same deal directly with the bank. Wht am i missing without MA?

Do you know which lender to approach who will be fine with your deposit coming through like this?

If you get the first lender wrong and they decline the case then rates may/will be higher when you try another lender

You are of course free to call round lenders from best rate down and see if they have any issues with the deposit. Loads of people do just that and that's fine

Loads of people also choose to have someone do the legwork for them so it's right first time 

Especially if you go for a fee free one, I'm not sure why you wouldn't use a whole of market broker

intex310

ACG said:

intex310 said:

amnblog said:

Your friend bought gold off of you with cash raised on a credit card.

You may find a mortgage adviser does not want to deal with you anyway.

I bought it with my tax paid income. If he wants to buy it, is it illegal?

Thats the problem isnt it... Can you prove it is not illegal? Can you prove that it is not just legal but you have been honest? If this hit my desk I would have a list of questions and document requests - to the point where you would probably tell me where to go.

ACG said:

intex310 said:

amnblog said:

Your friend bought gold off of you with cash raised on a credit card.

You may find a mortgage adviser does not want to deal with you anyway.

I bought it with my tax paid income. If he wants to buy it, is it illegal?

Thats the problem isnt it... Can you prove it is not illegal? Can you prove that it is not just legal but you have been honest? If this hit my desk I would have a list of questions and document requests - to the point where you would probably tell me where to go.

I purchased it using my direct debit. My transaction could be traced back to 2015. I used credit card to make a balance transfer which I paid them off overtime through my income. I have all the invoices for the purchase. I started by buying it for rainy days. I never used cash as it was bought online using my debit card. 

I also had a recent valuation through the original seller for the value of it. 

I was with an assumption that I can create an invoice for the sale using one of the online template. 

Please advise and ask any questions.

intex310

I did approach couple of free advisors and they refused to take on board as I was buying an ex council flat directly from the landlord. After that it just put me off looking out for them.

I also approached few solicitors explaining about the deposit amount as I am targeting for 15% depo and how I planned to get it. Few of them rejected and have couple of them who said ok to proceed. 

I am desperate for this as my landlord is selling it and have lived on it for 10 years now. Even though interest is high, I don't have much of a choice but to proceed at this time and it is practical for my family. 

ACG

intex310 said:

I did approach couple of free advisors and they refused to take on board as I was buying an ex council flat directly from the landlord. After that it just put me off looking out for them.

I also approached few solicitors explaining about the deposit amount as I am targeting for 15% depo and how I planned to get it. Few of them rejected and have couple of them who said ok to proceed. 

I am desperate for this as my landlord is selling it and have lived on it for 10 years now. Even though interest is high, I don't have much of a choice but to proceed at this time and it is practical for my family. 

You have brokers not wanting to take your case on.
You have solicitors not wanting to take your case on. 

And you want to go direct to a lender? 

You can by all means go direct to a lender. But personally I think I would be suggesting finding a broker, it may mean you need a broker who charges a fee. That will make it more viable for them to put the time in that this will take. 

user1977

intex310 said:

ACG said:

intex310 said:

amnblog said:

Your friend bought gold off of you with cash raised on a credit card.

You may find a mortgage adviser does not want to deal with you anyway.

I bought it with my tax paid income. If he wants to buy it, is it illegal?

Thats the problem isnt it... Can you prove it is not illegal? Can you prove that it is not just legal but you have been honest? If this hit my desk I would have a list of questions and document requests - to the point where you would probably tell me where to go.

ACG said:

intex310 said:

amnblog said:

Your friend bought gold off of you with cash raised on a credit card.

You may find a mortgage adviser does not want to deal with you anyway.

I bought it with my tax paid income. If he wants to buy it, is it illegal?

Thats the problem isnt it... Can you prove it is not illegal? Can you prove that it is not just legal but you have been honest? If this hit my desk I would have a list of questions and document requests - to the point where you would probably tell me where to go.

I purchased it using my direct debit. My transaction could be traced back to 2015. I used credit card to make a balance transfer which I paid them off overtime through my income. I have all the invoices for the purchase. I started by buying it for rainy days. I never used cash as it was bought online using my debit card. 

I also had a recent valuation through the original seller for the value of it. 

I was with an assumption that I can create an invoice for the sale using one of the online template. 

Please advise and ask any questions.

How did the buyer pay you? Where did they get their money from?

jimjames

user1977 said:

intex310 said:

ACG said:

intex310 said:

amnblog said:

Your friend bought gold off of you with cash raised on a credit card.

You may find a mortgage adviser does not want to deal with you anyway.

I bought it with my tax paid income. If he wants to buy it, is it illegal?

Thats the problem isnt it... Can you prove it is not illegal? Can you prove that it is not just legal but you have been honest? If this hit my desk I would have a list of questions and document requests - to the point where you would probably tell me where to go.

ACG said:

intex310 said:

amnblog said:

Your friend bought gold off of you with cash raised on a credit card.

You may find a mortgage adviser does not want to deal with you anyway.

I bought it with my tax paid income. If he wants to buy it, is it illegal?

Thats the problem isnt it... Can you prove it is not illegal? Can you prove that it is not just legal but you have been honest? If this hit my desk I would have a list of questions and document requests - to the point where you would probably tell me where to go.

I purchased it using my direct debit. My transaction could be traced back to 2015. I used credit card to make a balance transfer which I paid them off overtime through my income. I have all the invoices for the purchase. I started by buying it for rainy days. I never used cash as it was bought online using my debit card. 

I also had a recent valuation through the original seller for the value of it. 

I was with an assumption that I can create an invoice for the sale using one of the online template. 

Please advise and ask any questions.

How did the buyer pay you? Where did they get their money from?

OP explained that in first post

intex310 said:

Also, I need to validate 14k, as part of my deposit, with the solicitors which I got by selling my gold to a friend. He can show his income source for that purpose but he took it out through his credit card. 

ACG

jimjames said:

user1977 said:

intex310 said:

ACG said:

intex310 said:

amnblog said:

Your friend bought gold off of you with cash raised on a credit card.

You may find a mortgage adviser does not want to deal with you anyway.

I bought it with my tax paid income. If he wants to buy it, is it illegal?

Thats the problem isnt it... Can you prove it is not illegal? Can you prove that it is not just legal but you have been honest? If this hit my desk I would have a list of questions and document requests - to the point where you would probably tell me where to go.

ACG said:

intex310 said:

amnblog said:

Your friend bought gold off of you with cash raised on a credit card.

You may find a mortgage adviser does not want to deal with you anyway.

I bought it with my tax paid income. If he wants to buy it, is it illegal?

Thats the problem isnt it... Can you prove it is not illegal? Can you prove that it is not just legal but you have been honest? If this hit my desk I would have a list of questions and document requests - to the point where you would probably tell me where to go.

I purchased it using my direct debit. My transaction could be traced back to 2015. I used credit card to make a balance transfer which I paid them off overtime through my income. I have all the invoices for the purchase. I started by buying it for rainy days. I never used cash as it was bought online using my debit card. 

I also had a recent valuation through the original seller for the value of it. 

I was with an assumption that I can create an invoice for the sale using one of the online template. 

Please advise and ask any questions.

How did the buyer pay you? Where did they get their money from?

OP explained that in first post

intex310 said:

Also, I need to validate 14k, as part of my deposit, with the solicitors which I got by selling my gold to a friend. He can show his income source for that purpose but he took it out through his credit card. 

Just playing devils advocate here...
I dont know many people who buy gold as an investment. What are the chances of 2 friends buying gold as an investment? I suppose it might happen. 

Then we add in the fact that because they are being bought from a friend this would be a money transfer rather than a purchase which potentially means quite high interest rates on the credit card. Combine that with the fact that gold is at one its highest prices in a while (possibly ever?) - to me makes it a bit of an odd investment. 

People can make odd investments, that is legal and allowed. But likewise banks and solicitors have to be comfortable with what they are being told. If this hit my desk I am not sure I could feel comfortable with it.