Santander updates proof of deposit requirements

Santander updates proof of deposit requirements

 

The lender will no longer accept mortgage deposit funds from 34 countries, including gifted deposit applications.

These include Afghanistan, Belarus, Bosnia & Herzegovina, Burundi, Central African Republic, China, Cuba, Democratic Republic of Congo, Egypt, Guinea, Guinea-Bissau, Iran, Iraq, Lebanon, Libya, Mali, Montenegro, Myanmar, Nicaragua, North Korea, Republic of Serbia, Russian Federation, Serbia & Montenegro, Somalia, South Sudan, Sudan, Syria, Tunisia, Turkey, Ukraine, Venezuela, Yemen, Zaire in the Democratic Republic of Congo and Zimbabwe.

The lender added that it would not accept deposit funds from a child’s bank account, trustee account or foreign business bank account.

It said additional evidence, such as a donor letter providing further details, may be required for gifted deposit applications where the funds are received from abroad.

The changes will come into effect from Monday. Full mortgage applications submitted on Introducer Internet before 4 July will not be affected by these changes.

Applications will be assessed on the new rules from 6am on Monday 5 July.