chances of getting a mortgage?

Equaliser123

Kimberley82 wrote: »

When we tried last ear to get a mortgage everyone involved wanted to know where the £100,000 came from, They even wanted me to sign to say where it came from.

Yes. But all you need to say (providing it is your money) is "own source" or "savings account".

Equaliser123

GMS wrote: »

So your advice as a solicitor would be to lie on the application form to the lender?

It isn't a lie to say that the money is yours which it would be if a 'gift' within the meaning of the law.

Equaliser123

GMS wrote: »

A gift cannot be compared to earned income.

If you were to hold up a bank would the cash be yours or the proceeds of a robbery?

Ridiculous comparison. One is a gift (and legal). One is obtaining the proceeds of crime (which, clearly, is not legal).

Kimberley82

Will it make any difference if I say the money is a gift?

I would not feel comfortable saying anything else tbh

Equaliser123

Kimberley82 wrote: »

Will it make any difference if I say the money is a gift?

I would not feel comfortable saying anything else tbh

Just say it is from your own sources. If they ask how you got it (and NEVER known that), say it was a gift.

We had a contribution of a similar amount towards our house purchase. We paid it together with our own funds towards the purchase and nobody asked anything whatsoever about it.

Kimberley82

Equaliser123 wrote: »

Just say it is from your own sources. If they ask how you got it (and NEVER known that), say it was a gift.

We had a contribution of a similar amount towards our house purchase. We paid it together with our own funds towards the purchase and nobody asked anything whatsoever about it.

Does it make a difference to whether or not they will give me a mortgage?

DVardysShadow

Thrugelmir wrote: »

Still doesn't resolve the issue of the source.

Then you must always say 'earned income' or 'gift' or 'proceeds of prostitution' and never 'own funds'.

But these are answers to the question 'how did you come by the money?'.

Jojo1daffy

Lenders need to know the source of the deposit because of money laundering and fraud.

Jojo1daffy

https://forums.moneysavingexpert.com/discussion/3167950
See above - had to provide proof about source of deposit

Equaliser123

Jojo1daffy wrote: »

Lenders need to know the source of the deposit because of money laundering and fraud.

None of the lenders that I have dealt with need to know beyond the fact that it is own funds. Which they would be if gifted.