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  • FIRST POST
    • proffk
    • By proffk 19th Jun 17, 5:23 PM
    • 10Posts
    • 1Thanks
    proffk
    Proof of deposit funds
    • #1
    • 19th Jun 17, 5:23 PM
    Proof of deposit funds 19th Jun 17 at 5:23 PM
    Hi

    I am currently going through getting a AIP but my broker has asked me for proof of deposit. I can prove this via statement but I made 2 large cash deposits into my bank account then transferd to my savings account using banks self serve machine. I will this week also deposit some more money into the savings account. Will the lender or broker question to as to why there are large cash deposits. Most of this comes from sale from ebay and money left from wages. The large cash deposits are less than £2000 each time.
Page 1
    • Lilla D
    • By Lilla D 19th Jun 17, 9:10 PM
    • 272 Posts
    • 131 Thanks
    Lilla D
    • #2
    • 19th Jun 17, 9:10 PM
    • #2
    • 19th Jun 17, 9:10 PM
    If I was your broker, to me it would sound dodgy...ebay payments come into your bank account and normally people get paid into a bank account, so the cash is still not explained.

    As an intermediary, lenders rely on us brokers to do our due diligence before sending something to them. If it turns out that something is not kosher, then the lender may mark us as suspicious or they kick us out of their panel or we lose our licence altogether. Do we want to risk it? No, so we ask questions or proof until we are happy. The above explanation alone would not make me happy enough to do your case.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Biggish_who
    • By Biggish_who 19th Jun 17, 9:28 PM
    • 12 Posts
    • 1 Thanks
    Biggish_who
    • #3
    • 19th Jun 17, 9:28 PM
    • #3
    • 19th Jun 17, 9:28 PM
    If it's 'money left over from wages', then that means your employer must pay you in cash? Which would mean you would have pay slips to reflect this? Right?
    • amnblog
    • By amnblog 20th Jun 17, 7:46 AM
    • 9,658 Posts
    • 3,723 Thanks
    amnblog
    • #4
    • 20th Jun 17, 7:46 AM
    • #4
    • 20th Jun 17, 7:46 AM
    Yes, the source of the cash will need to be explained.

    There are only a handful of ways to acquire cash.

    1. Hole in the wall
    2. Earnings
    3. Gift
    4. Crime
    5. Sale of goods
    6. Horses cards and dogs

    (have I missed any?)

    Number 1, the Lender can track.
    Number 2 needs explaining.
    Number 3 can sometimes be explained.
    4. Is what the authorities are really looking for.
    5. Can be explained with evidence.
    6. Can be explained if you can evidence it.

    In the past we have managed:-

    Letters from Accountants explaining cash payments
    Photographs from weddings showing cash gifts in piles
    Sales receipts for vehicles
    Bank statements showing funds out, later coming back in cash

    Anything explainable can be dealt with.

    Nothing will be ignored.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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