The Mortgage Works reserve the right to request evidence of deposit on all applications (for first time landlord and private sale applications, evidence of deposit will be required).
The following proofs are required to evidence deposit:
The Mortgage Works reserve the right to request evidence of deposit on all applications (for first time landlord and private sale applications, evidence of deposit will be required).
The following proofs are required to evidence deposit:
If the deposit funds have been in the account for less than one month, further evidence may be requested.
Where funds have been in the account for less than three or six months respectively, we require proof of their origination and evidence of funds transferred to applicant's UK bank account. The source of any lump sum credit may be queried or proof of the build up of funds requested.
If a property is already sold or remortgaged (including Further Advances) or is to be sold, the following is required:
If the property is held jointly with someone not party to the application, a gift letter (The Mortgage Works template) is also required, except in the case of divorce/separation where a letter detailing the source and amount of funds is needed from the solicitor dealing with the separation.
Nationwide remortgages and further advances can't be accepted as source of deposit towards The Mortgage Works buy to let products
Criteria:
Foreign Funds
We only accept deposits from a UK Limited Company if it's a repayment of a directors loan, dividends or in the form of an intercompany loan.
We’ll request confirmation of:
In either scenario, we'll request bank statements to evidence the funds available.
We'll consider intercompany loans subject to criteria.
We won't accept anything outside of this.
Builder incentives/cashback are accepted subject to the following criteria:
Where deposit funds have been paid directly to the developer or builder, we require:
A letter from the developer isn't acceptable.
Deposits provided from the repayment of loans are acceptable from a third party if repaid over three months ago and will be treated as savings.
The maximum number of gifts or loan repayments, either separately or in aggregate, will be two per application.