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    • jakeman123
    • By jakeman123 11th Feb 18, 9:12 PM
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    jakeman123
    Mortgage application and bank statements
    • #1
    • 11th Feb 18, 9:12 PM
    Mortgage application and bank statements 11th Feb 18 at 9:12 PM
    My partner and I are about to apply for a mortgage, we have the agreement in principle and have passed the affordability checks and have had an offer accepted on a house.

    With regards to the bank statements I've been reading the underwriters check payments in and out. My boss at work pays part of her salary into a savings account, but doesn't have a bank card apart from her joint account with her husbands, if she wants money to spend she has to transfer it to somebody for them to withdraw. On a few occasions I have allowed her to transfer to me and for me to withdraw. In January she transferred 100 and I withdrew it that day, in Nov 200 and another 400 in Nov.

    Would this throw up any red flags, the payments themselves are small, but I'd be worried about the 'income' not being declared.

    Advice apprecited.
Page 1
    • ACG
    • By ACG 11th Feb 18, 9:16 PM
    • 16,832 Posts
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    ACG
    • #2
    • 11th Feb 18, 9:16 PM
    • #2
    • 11th Feb 18, 9:16 PM
    Quite possibly yes. It could look like money laundering/tax evasion.

    I would definitely speak to a broker about this as there are lenders less likely to question it for a variety of reasons. But I (as a broker) would want a letter from the employer confirming what happened for my compliance.
    I am a Mortgage Adviser
    You 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.
    • jakeman123
    • By jakeman123 11th Feb 18, 9:24 PM
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    jakeman123
    • #3
    • 11th Feb 18, 9:24 PM
    • #3
    • 11th Feb 18, 9:24 PM
    Thanks for this, I will get a letter from my boss and then speak to my broker tomorrow. Luckily they are only small amounts, so I don't think they would have too much of an effect. Maybe I am just worrying.
    • G_M
    • By G_M 11th Feb 18, 9:25 PM
    • 44,068 Posts
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    G_M
    • #4
    • 11th Feb 18, 9:25 PM
    • #4
    • 11th Feb 18, 9:25 PM
    My boss at work pays part of her salary into a savings account, but doesn't have a bank card apart from her joint account with her husbands, if she wants money to spend she has to transfer it to somebody for them to withdraw. On a few occasions I have allowed her to transfer to me and for me to withdraw. In January she transferred 100 and I withdrew it that day, in Nov 200 and another 400 in Nov.
    Originally posted by jakeman123
    Irrespective of the mortgage application, this sounds like a very unusual, almost unbelievable) arrangement. Indeed my immediate thought is of either tax evasion (not sure how) or money laundering.

    Surely no one sets up a savings account from which they cannot themselves make withdrawals?
    Surely no boss would rely on an emplyee to manage their private finances?

    Stop getting involved in...... whatever this is, and suggest she open her own current account to transfer her own savings to!
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