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Salvaging a mortgage application

Your FA should be able to advise you on whether this is normal and what other banks would require. Ask them. Get them to do their job!
 
Bob Marley's Dad said:
I am left wondering if this is how it is these days. I have spoken to a few people who've expressed surprise at this but all of them only have experience of mortgages from before the whole bank implosion thing happened.
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If you read the responses on here you'll see that it isn't.
 
temper_tantrum said:
Your FA should be able to advise you on whether this is normal and what other banks would require. Ask them. Get them to do their job!
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You're right, I'll get onto it. I just wonder whether we've messed things up by saying that we've saved it and then changed the story, which isn't something I want to discuss with the FA in case that completely messes things up and we get blacklisted. Could that happen? But then this building society (Skipton) are saying they wouldn't have accepted a gifted deposit right from the off anyway.
 
Bob Marley's Dad said:
You're right, I'll get onto it. I just wonder whether we've messed things up by saying that we've saved it and then changed the story, which isn't something I want to discuss with the FA in case that completely messes things up and we get blacklisted. Could that happen? But then this building society (Skipton) are saying they wouldn't have accepted a gifted deposit right from the off anyway.
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I think you need to just tell your FA and see what he/she says. You don't have much choice tbh. And you've already changed your story with the bank and been rejected - if there's anything which will hex you, it's that and not your FA!
 
I'm sure it'll be ok :)
Worst case scenario: get a new FA, start from scratch. But I doubt it will come to that. Just talk to them. They're probably well used to clients doing silly things :D
 
Bob Marley's Dad said:
You're right, I'll get onto it. I just wonder whether we've messed things up by saying that we've saved it and then changed the story, which isn't something I want to discuss with the FA in case that completely messes things up and we get blacklisted. Could that happen? But then this building society (Skipton) are saying they wouldn't have accepted a gifted deposit right from the off anyway.
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Have you looked at Skipton's Lending policies? http://www.skipton-intermediaries.co.uk/pdf/mortgages/residentialLendingPolicyCriteriaApr12.pdf I haven't got time to read it all but I did notice they won't lend if there is a "Vendor Deposit". You wouldn't happen to be buying the property off your father? If not, I can't see anything about gifts from family members being a reason for refusal. (ETA: unless you're buying to let)

Having said all that, it's really your Financial advisor's job to do that for you!
 
Fuck 'em off and fuck off your financial advisor too, they're weasley twats leeching off you. Deal directly with the lenders.

'A lot of work has gone in to the application' - bollocks, 'this lot pay me the most commission' more like.

And tell the bank you got the money from dealing drugs, but you're not laundering it, you're spending it.
 
Another vote for deal directly with the lenders.

Last time I got a mortgage, I walked into HSBC with payslips and ID, and they sorted everything straight away. Their surveyor visited three days later and Bob was my uncle.
 
Bahnhof Strasse said:
Fuck 'em off and fuck off your financial advisor too, they're weasley twats leeching off you. Deal directly with the lenders.

'A lot of work has gone in to the application' - bollocks, 'this lot pay me the most commission' more like.

And tell the bank you got the money from dealing drugs, but you're not laundering it, you're spending it.
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:)

:)

:hmm: :D

and in that order.

Since (according to what I've read) the proportion of people who get a wodge from parent/s in order to buy a place is going up and up, I can't imagine that most mortgage lenders object to the idea...
 
We had to prove our deposit didn't come from another loan when we got a mortgage. I would've thought this is why they want proof of where your deposit came from.
They see you as a big risk if you borrowed the deposit as well.
 
I said to the FA that I'd heard that other people were getting mortgages with a gifted deposit and he said that he didn't know of any but would be prepared to look around if ŵe wanted. The problem with that, he said, is that every time there is application then our credit record would take a hit from the credit search.

When we first applied for the mortgage my gf found out that the bloke she had been in a relationship with before me had taken out a phone and something else in her name and not paid them, which meant she had defaults on her credit record. Our FA said that these were the reasons why we couldn't get a mortgage with a gifted deposit. He said he'd tried but no one was willing to offer one under those circumstances. We've now cleared them off and the credit agency accepted our reason why. Mainly because the ex-partner nearly killed her and the police still remembered her case 5 years on and gave her a letter as proof.

I think that we'll see what happens with the Skipton and if it doesn't work then we'll get rid of the FA and approach the banks ourselves.

Thanks for the advice and support that you've all given, it has been a big help. :)
 
Sounds as though the credit reference agency need to amend their systems to remove the record of those defaults (not just to 'de-activate' them, but to actually remove them from the record).
At least you have an explanation from the FA about why the bank won't accept a gifted deposit in your case.
 
temper_tantrum said:
Sounds as though the credit reference agency need to amend their systems to remove the record of those defaults (not just to 'de-activate' them, but to actually remove them from the record).
At least you have an explanation from the FA about why the bank won't accept a gifted deposit in your case.
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Is it a difficult process to get them removed? We were under the impression that because we can't prove beyond a shadow of a doubt that it was him and he's now dead (slow painful stomach cancer, cheers Jesus!) that we just have to have the de-activated ones rather than having them removed.
 
Bob Marley's Dad said:
I said to the FA that I'd heard that other people were getting mortgages with a gifted deposit and he said that he didn't know of any but would be prepared to look around if ŵe wanted. The problem with that, he said, is that every time there is application then our credit record would take a hit from the credit search.

When we first applied for the mortgage my gf found out that the bloke she had been in a relationship with before me had taken out a phone and something else in her name and not paid them, which meant she had defaults on her credit record. Our FA said that these were the reasons why we couldn't get a mortgage with a gifted deposit. He said he'd tried but no one was willing to offer one under those circumstances. We've now cleared them off and the credit agency accepted our reason why. Mainly because the ex-partner nearly killed her and the police still remembered her case 5 years on and gave her a letter as proof.

I think that we'll see what happens with the Skipton and if it doesn't work then we'll get rid of the FA and approach the banks ourselves.

Thanks for the advice and support that you've all given, it has been a big help. :)
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Our deposit was gifted, they asked for a letter from the person giving the gift, to confirm that it *was* a gift.
 
I can't believe they're making such a stupid fuss about this :confused:

I got my mortgage deposit from my parents - I think it's pretty normal
 
Bob Marley's Dad said:
Is it a difficult process to get them removed? We were under the impression that because we can't prove beyond a shadow of a doubt that it was him and he's now dead (slow painful stomach cancer, cheers Jesus!) that we just have to have the de-activated ones rather than having them removed.
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I've never had to do it myself, but I have heard of people getting the credit reference agencies to take things off their record which were there by mistake. If you can prove that it wasn't her debt then yes, she is entitled to have it totally removed from her record as it was a mistake and shouldn't have been on there in the first place.
Contact Equifax and Experian direct - they will have a set procedure for doing this. First of all you will want to get a full copy of both of your credit records from them - they also have a set procedure for doing this. There's a small fee involved (like, a fiver or summat).

http://www.equifax.co.uk/
http://www.experian.co.uk/

Your FA should be able to advise you on whether there are any other credit reference agencies which the banks use. They should also have told you all of this info, tbh, so they don't sound up to much I'm afraid.

If you can get your credit records clean, then you can start the mortgage process again.
 
Bob Marley's Dad said:
I said to the FA that I'd heard that other people were getting mortgages with a gifted deposit and he said that he didn't know of any but would be prepared to look around if ŵe wanted. The problem with that, he said, is that every time there is application then our credit record would take a hit from the credit search.
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BS - he can easily look at mortgage criteria and products without doing credit searches. :facepalm:
 
Most of our deposit was (technically) gifted as well. Mrs (miss then) was unemployed at the time so I was the sole name on the mortgage application and she provided all the deposit funds. She didn't have to sign anything with the bank and her name wasn't on any of the paperwork.

The thing I found out was that if you have a low enough LTV the bank don't ask many questions. We were lucky enough to have a 25% deposit which meant that they didn't care about the 3 defaults on my credit record. I didn't bother with an FA, just walked into Halifax with 3 pay slips and proof of funds and everything went very smoothly.
 
Oh, and also: you may find that your own bank is more likely to give you a mortgage than another bank, partic if you've been with them for a long time, because they can see your financial affairs, iyswim. I've always had my mortgage with my bank.
 
zenie said:
BS - he can easily look at mortgage criteria and products without doing credit searches. :facepalm:
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Also banks can do an initial (soft) credit search without leaving a trace on your file. It's only the hard credit search that leaves a record, so it's worth seeing what type of search they carried out.
 
N1 Buoy said:
Also banks can do an initial (soft) credit search without leaving a trace on your file. It's only the hard credit search that leaves a record, so it's worth seeing what type of search they carried out.
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Now you come to mention it I do remember being told this at some point in the past, about a loan I think. It does seem like our FA has a path in mind for us and that he's not keen in deviating from it but is, at the very least, being unclear about that with us.
 
Another vote for ditching the FA, what a dick. He's worried about losing commission that's all.

You can get a Decision in Principle from a lender without full searches etc and I find it very hard to believe that an experienced FA can't find a product suitable for you, even in the current climate.
 
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