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Direct dealing with bank without MA
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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.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 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 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.0 -
user1977 said: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.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 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 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.0 -
I am very tense. I thought it would be a straightforward case but reading you all does not seem to be.
1: Mortgage advisor (s) - Old ex-council flat buying directly from the private landlord is the reason given for not taking it on as their refusal. Any MA's here?
2: Solicitors: Complications on deposit (s) is the reason most of them are cited. Now what other options do I have to say about this transfer into my account? They used to accept as a gifted deposits couple of years ago but due to tightening on money laundering, big lenders are not accepting it unless it comes from family members. It is my asset (gold) and now the cash in my account for which I have all the paper trails. Anyone here?
Please someone advise.
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intex310 said:
2: Solicitors: Complications on deposit (s) is the reason most of them are cited. Now what other options do I have to say about this transfer into my account? They used to accept as a gifted deposits couple of years ago but due to tightening on money laundering, big lenders are not accepting it unless it comes from family members. It is my asset (gold) and now the cash in my account for which I have all the paper trails. Anyone here?
I would expect some scepticism about you creating your own paper trail after the event to try to show that you sold the gold to your friend, rather than the money having been for something else.
How long ago did you get the money from your friend? Some solicitors won't look back more than, say, three months, and assume money you've had that long is probably yours rather than a suspicious contribution from a third party.0 -
On the mortgage adviser, I'd always suggest going with a broker if there's anything unusual about your situation. (That's not always necessary for people who know exactly what they're doing - but the fact you're asking here suggests you're not one of those people.)On the deposit, you have absolutely no choice but to tell the truth about where your deposit came from. If the source of your deposit is unusual (which from what you've said here it is), then you're going to have to answer a whole bunch of questions about it, but ultimately it'll likely turn out OK. But if anybody catches you lying about it, you'll move from the "this chap has unusual circumstances" pile to the "I think this chap is likely a fraudster, and I think maybe I'll report him to National Hunter" pile.0
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intex310 said:I am very tense. I thought it would be a straightforward case but reading you all does not seem to be.
1: Mortgage advisor (s) - Old ex-council flat buying directly from the private landlord is the reason given for not taking it on as their refusal. Any MA's here?
2: Solicitors: Complications on deposit (s) is the reason most of them are cited. Now what other options do I have to say about this transfer into my account? They used to accept as a gifted deposits couple of years ago but due to tightening on money laundering, big lenders are not accepting it unless it comes from family members. It is my asset (gold) and now the cash in my account for which I have all the paper trails. Anyone here?
Please someone advise.
2. Brokers/Lenders/Solicitors all have to do money laundering checks. Your deposit (if you have been truthful on here) can be overcome. But we have to follow the money, to ensure it all stacks up.
Nothing you have said is a deal breaker, but a lot of a brokers job on complex cases is "packaging", if you do the packaging well the application should fly through.
A good example I had last week was a couple who had £2k a month childcare costs which was dropping down to £1,100 in September. When I submitted the application, I got a letter from the nursery saying their eldest is leaving in September and a letter from the council confirming a school place had been reserved. It was uploaded with a quite explanation. None of that was requested by their computer, but it was ultimately going to get requested at some point.
In your case, they may ask for proof of deposit. So we would end up getting statements showing the purchase of the gold (presumably it will have the weight and so on), then the money hitting your account showing the sale. I would also print off something from some the internet that gives the price of the gold at that point in time to back it all up. In addition to that, I would pull out a piece of paper and explain it all in a paragraph or 2.
But prior to all of that, I would be on the phone to our account managers to get their thoughts on whether it is likely to pass an underwriter. Because if not, its all ultimately a waste of time.
You have to be honest, it is then your job or the brokers job to overcome the issues.
Its not my intention to worry you, but your situation is far from straight forward. You could punt in an application somewhere and get lucky. But you might not. My personal opinion is to do a good job in the research as it usually means the application will stand up to the underwrite.I am a Mortgage AdviserYou 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.1
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