Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • dreamtrue
    • By dreamtrue 15th Sep 17, 1:10 AM
    • 1Posts
    • 0Thanks
    dreamtrue
    Urgent advice need please regarding Source of deposit
    • #1
    • 15th Sep 17, 1:10 AM
    Urgent advice need please regarding Source of deposit 15th Sep 17 at 1:10 AM
    We are buying property cost £15000. We already got mortgage offer of £12000. So we have to pay £30000 deposit. Now solicitor asking to provide source of funds with 6 month statement of each account from where we are paying deposit. All the deposit we are paying from our savings & employment earnings. But here one thing I am bit of concern. Two years ago I gave 2400 loan to one of my local my close friend, who gave this money back this month by bank transfer to my account. As it is my money which was given to loan to my friend and got it back to my bank account.
    I don’t want to show it as a gift money because it is my money which I got back. Do you think solicitor will be fine with it, if I verbally explain this thing to him? My friend is happy to give written letter that he took loan this amount from me and given it back to my account. He also happy to provide his ID, his payslip and bank statement. Please kindly suggest what should I do?
Page 1
    • csgohan4
    • By csgohan4 15th Sep 17, 6:45 AM
    • 3,766 Posts
    • 2,351 Thanks
    csgohan4
    • #2
    • 15th Sep 17, 6:45 AM
    • #2
    • 15th Sep 17, 6:45 AM
    Check with your solicitor as that is the only way you will know, we don't know the lender nor your solicitors money laundering policies.


    Be honest and see what your solicitor says
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • davidmcn
    • By davidmcn 15th Sep 17, 6:50 AM
    • 5,781 Posts
    • 5,531 Thanks
    davidmcn
    • #3
    • 15th Sep 17, 6:50 AM
    • #3
    • 15th Sep 17, 6:50 AM
    If you have a record of the money being transferred to your friend I expect that will help. But as above, ask your solicitor!
    • elliemet23
    • By elliemet23 15th Sep 17, 10:28 AM
    • 8 Posts
    • 0 Thanks
    elliemet23
    • #4
    • 15th Sep 17, 10:28 AM
    Same Situation
    • #4
    • 15th Sep 17, 10:28 AM
    Morning!

    We had a similar situation as I had loaned my sister some money... She had to write a letter to the mortgage provider to say that the money she had paid back is non refundable and can be used in anyway you see fit.

    As long as they know you arent going to paying your friend back like a loan, they arent bothered

    Hope this helps, good luck!

    xxx
    • saajan_12
    • By saajan_12 15th Sep 17, 10:32 AM
    • 758 Posts
    • 495 Thanks
    saajan_12
    • #5
    • 15th Sep 17, 10:32 AM
    • #5
    • 15th Sep 17, 10:32 AM
    I think you've missed a 0 in some of those numbers. Assuming you mean £150k property with £30k deposit? Is the loan repaid by the friend £2.4k or £24k?

    Definitely ask your solicitor what they will require, but I'd expect they'd want more clarification if its £24k as that'd be 80% of your deposit. £2.4k is likely negligible enough.
    • Guest101
    • By Guest101 15th Sep 17, 10:40 AM
    • 15,147 Posts
    • 14,749 Thanks
    Guest101
    • #6
    • 15th Sep 17, 10:40 AM
    • #6
    • 15th Sep 17, 10:40 AM
    We are buying property cost £15000. We already got mortgage offer of £12000. So we have to pay £30000 deposit. Now solicitor asking to provide source of funds with 6 month statement of each account from where we are paying deposit. All the deposit we are paying from our savings & employment earnings. But here one thing I am bit of concern. Two years ago I gave 2400 loan to one of my local my close friend, who gave this money back this month by bank transfer to my account. As it is my money which was given to loan to my friend and got it back to my bank account.
    I don’t want to show it as a gift money because it is my money which I got back. Do you think solicitor will be fine with it, if I verbally explain this thing to him? My friend is happy to give written letter that he took loan this amount from me and given it back to my account. He also happy to provide his ID, his payslip and bank statement. Please kindly suggest what should I do?
    Originally posted by dreamtrue
    Why would this be an issue at all? You simply provide the paperwork you signed when you loaned him the money
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

718Posts Today

6,414Users online

Martin's Twitter
  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Luciana is on the advisory board of @mmhpi (we have MPs from most parties) https://t.co/n99NAxGAAQ

  • Follow Martin