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Proof of Deposit not been asked for

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  • holly_hobby
    holly_hobby Posts: 5,363 Forumite
    1,000 Posts Combo Breaker
    edited 1 August 2011 at 12:17PM
    Money Laundering Regs - legal requirement to prevent laundering of criminally sourced monies.

    Lender Source of Deposit - if requested, requirement is re above explanation (i.e determine applicants ability to budget save and evaluate the applicants own exposure in the property)

    You are quite right ... if the q is asked, there are numerous ways to "fudge the explanation " .. unfortunately if any part is gifted and not discosed, the source of deposit quoted would not be factual. Resulting in the submission of a app supported by in-accurate data - whether there would be any future fall out, would depend upon if its discovered .....

    Family gifts (even in excess of 5%) are normally perfectly ok, but they still need to be revealled if requested.

    Hope this helps

    Holly
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