Nationwide proof of deposit - pending LISA bonus.

ryanm8655

I have just applied for a second mortgage with nationwide as my previous purchase fell through.

They have only asked for proof of deposit this time and I’m about £4 short overall, however that includes interest that isn’t showing on my latest statement. I then have £125 bonus pending, which also doesn’t show on the latest statement.

Along with my statements (which are about £100 short), I have sent screenshots from my account to show the balance as of  today and the pending bonus.

From reading, someone else had the same issue 4 years ago and Nationwide didn’t accept it. Does anyone have more recent experience of the same thing?

They haven’t asked for proof of my payrise (received this month) or bank statements, so not sure why they’ve asked for deposit this time and not last time. The purchase is more I guess.

Thanks, 
Ryan

lfc321

I'm not sure whether there are typos in your post, but are you really £4 short of having the necessary deposit? Or do you mean £4K?
If it really is £4, surely you can find such a small amount from somewhere and put it in your account?

grumpy_codger

£4 and £100 are very funny amounts when talking about a mortgage deposit. Can you just borrow some money for a short time?

ryanm8655

It'll be at the full deposit amount with a couple of days interest - the trouble is that interest isn't applied to my statement until the end of this month, so the balance in the app shows £X while the statement is slightly less.

I did ask the broker about just transferring some more money across but he said they'd then ask where it came from so just to leave it and see what they say.

I'm currently slightly overdrawn as a result of maxing out LISA for purposes of having the full deposit, hence can't just send current account statement for now (I have more money coming in in a week that will take me more than over the threshold but I wanted to max the LISA sooner to avoid delays).

I have only just had my offer accepted, however my vendors are buying a vacant property so wanted to get the ball rolling quickly.

Thanks,
Ryan

grumpy_codger

ryanm8655 said:

...

I did ask the broker about just transferring some more money across but he said they'd then ask where it came from so just to leave it and see what they say.

Deposit £200 cash and say you had it under your mattress for a long time for emergencies.

That said, do you have any spare money left for the solicitor, SDLT (if any) and moving? It's a big amount and normally you don't have to declare it separately when proving your deposit.

ryanm8655

grumpy_codger said:

ryanm8655 said:

...

I did ask the broker about just transferring some more money across but he said they'd then ask where it came from so just to leave it and see what they say.

Deposit £200 cash and say you had it under your mattress for a long time for emergencies.

That said, do you have any spare money left for the solicitor, SDLT (if any) and moving? It's a big amount and normally you don't have to declare it separately when proving your deposit.

I will do yes - I'm a FTB so no stamp duty and on a decent salary, currently living with family so minimal outgoings. September's pay will more than cover solicitor, first mortgage payment and the move and I don't imagine exchange will be happening that quickly in any case, given I only got the memo of sale on Saturday.

Originally I was buying a cheaper property, hence have had to top my deposit up quickly.

ryanm8655

I am now 41p short excluding the LISA bonus…nothing back from mortgage company yet but I guess worst case I can send them a current account statement on Tuesday or my updated Moneybox statements at the end of the month, though I’d rather have the mortgage in place ASAP just to know it’s done.

ryanm8655

For anyone searching for this question in future, my mortgage has been approved pending satisfactory valuation so technically not having the full deposit wasn't an issue.