Mortgage Approved! Just got solicitor check to go....

Caleb11

Well my mortgage is all ready to go (thank god). Im just After a bit of advice in terms of the solicitor checks for the source of the deposit.
Basically it is so complicated and confusing im a bit worried....

I have £5300 in my ISA which i have saved from my wages although £3500 was sent over from my partner in Feburary. This money was originally saved in my credit union which was withdrawn in cash and used to open my partners account in Oct 2011. I have £1150 in cash which i got from my 21st birthday and party last week which i will be putting into my account tomorrow. My sister is gifting me £5700 which she is sending into my account tomorrow (this is coming from her savings and roughly £1000 which was sent into her account from her boyfriend as he owed her it... it can be seen from her statements that she sends him money out which he has returned). My mum is gifting me £1000 from a bonus from her work which she recieves next week. I then get paid on the 4th April which will be going into my savings. And this is everything.

Im a bit worried about all of this. I mean it is so confusing. They want bank statements from everyone from the last 5 months. But what about the money given to me and my sister from our partners do they need their statements? i have confirmed my birthday money and they said this is fine. Im so worried it falls at the last hurdle and we loose the house!

Caleb11

They said they need to check for money laundering and want everyone's bank statements, ID, proof of address and a letter stating that the money is a gift. I feel it's totally unnecessary especially as its quite a complex situation. I'm really starting to worry. Do you think they will require my partners and sisters partners bank statement as they have transferred some of the money used for the deposit? They say they need to see the source of the funds.

Caleb11

Wish I had chosen a different lawyer if that's the case. They are adamant on all of these bank statements. What makes it more confusing is I have 3 accounts where the money has all been passed around so they need all three of my statements. I honestly have never been under so much stress in all of my 21 years! The happiness of buying my first home disappeared when my offer was put in! Lol roll on completion.

m0bov

stick it all in one account. then send a statement in of it.

gazfocus

m0bov wrote: »

stick it all in one account. then send a statement in of it.

Lol and what do you suppose the solicitor will ask for when he sees deposits of thousands of pounds at a time??

steve1980

Purely for Money Laundering purposes. Nothing you can do about it.

jimpix12

You are worrying for no reason. I had a ~50% deposit that I saved up for, and when they asked for the source of the money I just said "Savings". My mortgage application went through fine, they were more interested to see if I was paying my monthly rent on time, in fact they didn't even ask for proof of savings.

Caleb11

Thanks for all ur replies. I understand it's for money laubdering reasons. There is no way of not showing my my mums and sisters bank statement even if I transfer it all into my account. The solicitor had requested these & that's fine but what I need to know is my partner and sisters partner sent money which will be seen on the bank statement into our accounts. Because of this will they request their (our partners) bank statements? The amounts they sent are £3500 into my account from my Partner and roughly £1k-£2k from my sisters partner. Please anyone with experience or knowledge of solicitors please help x