15:06 PM, 3rd May 2014, About 7 years ago 12
TMW (BTL mortgage) have told me that I can’t use my daughters’ (both under the age of 16 yrs old) saving account money for a deposit because “you can’t accept a gift from a child”.
I have been saving in my daughters names for the last 4/5 years because their account is getting 3% pa interest and if it was in my own name I would only have been getting 0.25%pa.
However, my financial consultant and myself were not aware TMW’s “rule” that if money from a child’s saving account was transferred into my own name account more then 30 days before TMW had requested proof of deposit that everything would have been OK.
I transferred the money into my account in March 2014 ready and waiting for completion so the money has been sitting in my account for more than 60 days now. However, TMW are now still insisting that I can’t use this money because they now know it has come from a daughters saving accounts.
I also had a backup plan to sell one of my rental property to raise the deposit “just in case” but I just received a text from my purchaser (1st time buyers) that they too are having no joy with their lender after 2/3 months of chasing around and are now in the process of changing to another lender which means it will take ages to start the whole procedure again!
My vendor has been waiting patiently and I really want to complete this purchase.
I phoned up TMW and wanted to make a compliant about this but they said that they won’t deal with me and will only talk to my broker. I am losing faith in him because he should have known about TMW’s “rule”. If he had told me about it I would have transferred the money into my own account 30 days before submitting my proof of deposit and would have had none of these problems!
Is TMW right about this?
Are there any other ways to overcome this issue?
What other options do I have?
I urgently need somebody to give me advice or other suggestions.
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