How have you declared mortgages in your POF?

[kryt0n]

Hi guys, if your bank won't produce a financial letter, how have you declared your mortgage payments?

 

[Stanlee]

Hi guys, if your bank won't produce a financial letter, how have you declared your mortgage payments?

You can show monthly statements which shows the debit to you account.

 

[kryt0n]

You can show monthly statements which shows the debit to you account.

So a -£200,000 mortgage doesn't mean I have to have £213,123 in my account in cash as liquid funds... Right?

 

[Stanlee]

So a -£200,000 mortgage doesn't mean I have to have £213,123 in my account in cash as liquid funds... Right?

Correct, if you have had that much liquid funds, you would not have needed mortgage in the first place.

Mortgage or home loan or auto loan is a secured loan, in the event of a default, the lender has a charge on the asset. CIC is not concerned about these, they are more concerned if the applicant has availed a loan to meet the POF requirements, which I believe is not the case with you. If you choose to mention it or it shows in the transactions, it will not impact your application.

 

[dewk]

@Stanlee - I have two personal loans going on and both of them are for a total of almost $12000. One of them was taken 4 months back, can it have a negative effect on the application.

Should I declare them and show $25000 in POF?

 

[dewk]

For POF of funds I plan to burrow from my father and show a gift deed.

 

[Stanlee]

@Stanlee - I have two personal loans going on and both of them are for a total of almost $12000. One of them was taken 4 months back, can it have a negative effect on the application.

Should I declare them and show $25000 in POF?

If it is showing in the transaction history or statements, then you might as well explain that these were not availed for POF instead for different purposes, link it with the timeline when you availed the loan and the purpose of loan.

 

[Stanlee]

For POF of funds I plan to burrow from my father and show a gift deed.

Show Gift Deed, proof of transfer, letter from bank and last 6 months bank balance details or statements (since they ask for it).

 

[dewk]

If it is showing in the transaction history or statements, then you might as well explain that these were not availed for POF instead for different purposes, link it with the timeline when you availed the loan and the purpose of loan.

Thanks. And would showing excess amount in POF make any sense? And if I close one of my loans, can they ask for source of funds for that as well?

 

[kryt0n]

Correct, if you have had that much liquid funds, you would not have needed mortgage in the first place.

Mortgage or home loan or auto loan is a secured loan, in the event of a default, the lender has a charge on the asset. CIC is not concerned about these, they are more concerned if the applicant has availed a loan to meet the POF requirements, which I believe is not the case with you. If you choose to mention it or it shows in the transactions, it will not impact your application.

Thank you. 2 years of thinking I have it all flattened out and it goes out the window when I get my ita!

 

[TicTocCroc]

Thank you. 2 years of thinking I have it all flattened out and it goes out the window when I get my ita!

Completely with you there! It's finally happening for you though, so,relax. You know what you're doing.