House deposit money in premium bonds nightmare

[WTF0ver]

Invested majority of my deposit from house sale in premium bonds. It was sitting in limbo while I waited to get identity documents back. Was intending on waiting a while before buying another place but saw a house we loved. Need deposit back from NSandI. Was told by automated email that the deposit would be returned after Tuesday if they didn't have my identity documents. Couldn't get hold of them on phone but managed to speak to them on Twitter. Was told to write to them so I did that.

My broker said I need the money in my account to proceed with the mortgage application, they need to see my bank statement showing the entire deposit. So that is on hold while I wait. Meant to be completing on house sale 2nd week of December, not that far away. Heard nothing from NSandI but managed to get through on phone after waiting ages and was told 10-12 working days to get my money back!!

I'm really worried that I'm going to lose my new house! What can I do???

I just provided a screenshot of the amount in my online NS&I account to my mortgage broker. I’d double check with them before panicking.

We recently withdrew our funds and the money hit our bank account within a matter of days. We requested that they didn't cash them until after the draw (it was nearly the end of a month), so they notified us once the draw was over, and the funds took about 3 days. I think they are pretty efficient. Good luck!

I feel your pain. Many years ago I needed my money from my NS investment account for my house deposit. They sent a Bank of England cheque. My seller pulled the completion date forward yet Barclays refused to rush the cheque through....it was a bank of England cheque!!! How would it have bounced.... I faced a stressful few days. I resolved it by getting a bank loan from the same bank (at their suggestion)....then paying it back immediately the cheque cashed!!! I don't think you can do that these days.

I asked about that and was told that is no use, they need to see the full amount of deposit in my current bank statement :( The thing is I hadn't even invested it properly because I needed to show them my ID docs to proceed, but while I was waiting to get my driving licence back from DVLA we saw the new house and bought it. So the money is just sitting there.

Now they're saying it's going to take nearly 3 weeks to return my money and I can fill in a complaint form if I want! FFS. I'd drive down there myself and press a few buttons if it got it sorted!

I feel ill. Looking at their FB page there are plenty of other people having issues with them :(

My dad withdrew a 5 figure amount from them on Saturday and the money hit his account today if that gives you any hope.

The problem is that they accepted your deposit into bonds without you having done your ID checks on application?

The actually withdrawal normally takes 3 working days. It’s the fact the investment wasn’t completed correctly in first place.

I thought NS&I only took a couple of days to transfer money? That's how long it's taken me on several occasions.

Glad he got his money that gives me a bit of hope. I managed to get through again after a lengthy wait and the person that I spoke to this time took my details and told me that the money will be back in my account tomorrow. Fingers and toes crossed!!!

that's weird - our broker was fine with the statement of where the deposit is being held!

Put pressure on the lender to accept it as well - I don't see why they can't? you just need evidence of the funds

You can expedite it if you pay a bit more I think and get next working day. I didn't need todo that in the end as they sorted mine quite quickly - 2 working days and they'd said it would be 3.

I don't know, maybe it depends on the lender. I sent the broker statements showing the money going in and out and offered to show the receipt of the NSandI application 'payment' but was told the entire deposit amount needs to be in my bank account on the statement.

Who is your lender?

As with PPs I kept my money in premium bonds and sent a statement from NS&I with no issue at all.

This was in July / August.

I then withdrew before sale (only took 2 days)

What a stressful situation, fingers crossed it’s all ok for you & good luck for your move.

Put in a formal complaint.

HSBC. I'll see if the money is in tonight. Maybe it always was going to be on this occasion, I don't know.

Money received. Relief!

Phew!