Mortgage Transaction Clarification

Summary

Unexplained transactions can raise concerns for mortgage lenders, potentially affecting approval. To mitigate risks, provide clear documentation showing the transactions were personal and not for deposit purposes. Ensure your friend clarifies the funds personal use, and maintain open communication with your solicitor and lender. Keeping detailed records and transparency can help address any concerns and secure your mortgage.

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I do have his monry coming in on my statements and money going out via ACE, even though it is all legal, Could they refuse mortgage eventhough they have given us the mortgage?
Mortgage lenders can sometimes refuse to proceed with or finalize a mortgage if they identify unexplained transactions or if they suspect money laundering. To address this:
- Provide detailed documentation of all transactions.
- Ensure your friend provides clarification that the transactions were personal.
- Communicate openly with your solicitor and lender to resolve any concerns.
Do you need help with any specific documentation or communication strategies?
To ur knowledge as mine was legal, do u think it can jeopardise the mortgage?
It's possible that unexplained transactions could raise concerns for mortgage lenders, especially if they suspect money laundering. To mitigate this risk:
- Provide clear documentation of the transactions.
- Ensure your friend clarifies that the funds were for personal use.
- Maintain open communication with your solicitor and lender.
Would you like guidance on how to organize your documentation or communicate with your lender?
As long as we show the money came in and then went out and none of it is gonna be used for the deposit then we are ok?
Case Rating: *
It seems like you are on the right track by keeping records. As long as you provide clear documentation showing the transactions were personal and not for deposit purposes, and maintain open communication with your solicitor and lender, you should be fine. Would you like guidance on how to organize your documentation?