Pots and Mortgage Proof of Deposit

[jonnybiscuits (Andy Roberts)]

@anon44194306

I hold the deposit for my new home in a pot as part of my Monzo account. I regularly transfer funds between my account and the pot. The problem I have is with my mortgage broker who has rejected my Monzo statements as proof of deposit with the following:

“Please provide at least 3 months statements for deposit account. Please provide statements for ‘savings pot’ account to show transfers between accounts”

I have repeatedly told them that the pot is ‘virtual’ but they still insist that they have a statement from the ‘pot account’ as well as the regular Monzo account statement I’ve already sent them. This is despite the fact that I’ve explained to them the concept of pots and even sent them a link explaining how pots work.

I had exactly this problem. All credit to the Monzo guys - they turned round getting me a savings pot statement pretty quickly (asked at 8pm, received at 2.30pm the next day - I did chase once, but I don’t know if that sped it up or not).

I think it’s partly a problem with using a mortgage broker - they seem to stick to rigid rules and try to anticipate potential problems from the mortgage provider - if you’re dealing directly with the mortgage provider, they can apply more flexibility/common sense.