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Advice re deposit
captain10001
Posts: 3 Newbie
I am buying a property on my own, mortgage approved and offer accpeted. Surveyor viewing property this week.
I have a deposit of £6600 which is made up of £1600 from my parents and £5000 from my partner (Which is a loan to me). The £5000 my partner has loaned me is itself a loan she took from a work Credit Union.By the time I complete I will have been paid twice and repaid my partner.
Question is, when the mortgage people check where my deposit has come from, will this cause a paroblem that my partner took a loan to give me? The money was paid into my account from her bank account.
I have a deposit of £6600 which is made up of £1600 from my parents and £5000 from my partner (Which is a loan to me). The £5000 my partner has loaned me is itself a loan she took from a work Credit Union.By the time I complete I will have been paid twice and repaid my partner.
Question is, when the mortgage people check where my deposit has come from, will this cause a paroblem that my partner took a loan to give me? The money was paid into my account from her bank account.
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Comments
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Unlikely to but nothing is 100% these dayscaptain10001 wrote: »I am buying a property on my own, mortgage approved and offer accpeted. Surveyor viewing property this week.
I have a deposit of £6600 which is made up of £1600 from my parents and £5000 from my partner (Which is a loan to me). The £5000 my partner has loaned me is itself a loan she took from a work Credit Union.By the time I complete I will have been paid twice and repaid my partner.
Question is, when the mortgage people check where my deposit has come from, will this cause a paroblem that my partner took a loan to give me? The money was paid into my account from her bank account.Who I am is not important. What I do is.0 -
You will need to disclose the source of funds on the application form.0
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Anyone else had similar experience?0
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The solicitor is obligated to ask you where the deposit funds came from, for money laundering purposes.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.0 -
And I intend to tell them where it is from, but will the fact she taken a loan cause any problems?0
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As your partner is not applying for a mortage with you, how could it cause you problems?"You were only supposed to blow the bl**dy doors off!!"0
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