Conveyancer source of funds checks via Open Banking

rmdim

My partner and I have had our home offer approved and received the official mortgage offer. We appointed a solicitor (an online one) last week, they started the searches and we have already received 2/3. Seems to be moving very fast  This rush has left me with some questions and worries.

1. From what I have been told solicitors check 3-6 months of statements to see the accumulation of savings. We had to do the ID checks as well as the source and proof of funds right away when we appointed the solicitor and it was done via Armalytix which requires access to your open banking to see transactions, it pulled statements for the last 12 months I have kept my account very clean for the last 6 months but before that it is not so pretty - dipping into overdraft, credit cards, money received from parents then returned back to them, movements between my accounts... I am worried it does not look good at all and may jeopardise our mortgage. I am only paying 10k towards the mortgage with 2k which is in my current account from last month payday and 8k which is clearly paid in in 1k deposits after every pay day over the last year into my LISA. I provided the Moneybox statement and my account. Is there anything else the solicitor would need an explanation on or is it just seeing that I have been depositing money into my LISA from my pay?

2. Appreciate there are still things to be done i.e. enquiries, contracts etc - What could go wrong from here? 

Thanks!

user1977

The solicitors won't care and report back to the lender about your other borrowing or transfers with your own accounts, they might care about funds flying to and fro parents though (in case it's unclear whether you are actually using your own funds or those of your parents). There's not much point in worrying about it though unless and until they ask more questions.

Many different things could go wrong...again, why worry? It will probably be ok, but none of us knows any more than you!

propertyrental

The checks on your accounts are nothing to do with your mortgage application - they are money laundering checks (in case your 'savings' come from people traficking).

Different conveyancers use different criteria to determine what is acceptable to them. I can't speak for Armalytix (who I've never heard of).

user1977

propertyrental said:

The checks on your accounts are nothing to do with your mortgage application - they are money laundering checks (in case your 'savings' come from people traficking).

Though they are partly to do with the mortgage, as the solicitors are also checking (on behalf of the lenders) that the funds are actually those of the borrower (and any gifted deposit donor whom the lenders have approved). But they're not checking for affordability etc.