deposit on house

thesaint5

Hi,

Currently in the process of buying a house, currently around 900 short on the deposit. Mortgage accepted in principal today.. My dad has offered to buy one of my watches off me (im a bit of a wis) If my dad buys the watch and i top up my deposit account to the correct amount can anyone see any issues with solicitors and or the mortgage company? The mortgage advisor didnt see it as a problem and said to send proof once transaction is complete.. Reading the forum about deposit checking etc has made me paranoid and i dont want to mess up my chances of getting the property...

Any thoughts?

Thanks

Wh05apk

Shouldn't be any problem, if the watch was £10,000 then the lender might query where the money has come from, but a few hundred or so you should be fine.

CLAPTON

how many watches do you have worth £900?

thesaint5

Thanks, have another question if possible. When the solictor asks for proof of deposit how far back will he want to go? I transferred a few thousand that I'd saved in a diff account and transferred it to my main saving account in 2009, Ive been searching around and can't find anywhere paperwork from when the monies was in that account! I had the money with Halifax.. Will they want to see four years of statements? And possible back to 4 years ago with the cash in Halifax?? This whole buying a house malarkey is really stressing me out and I think I'm gonna be bald by the end of it

vacheron

Hello from a fellow wis! (perhaps unsurprisingly you're the first I've met on this site)

Regarding the watch sale, nothing wrong with selling an asset to fund a deposit. You could just as easily have sold it on eBay or a Watch site for sale forum (I'm sure many people on the "I'm saving for a deposit" thread are doing similar things right now).

As for the remainder of the deposit money, if the money you are using for the deposit has been in your account since 2009 then I really can't see there being any problem. If it had appeared in the last few weeks then perhaps questions would be raised.

When we applied they only asked for 3 months of current account statements. The savings account we presented with the deposit funds in it had only been open for 4 months.

thesaint5

Lol, so are there only two wis's on here? Are you on tz uk? Having my watches as backup is useful! Love my omegas and hope to keep them! Thanks v!!

Jimbo1976

With regards to the proof of deposit its best to have a chat with the solicitor about what is required and how far back to go. As Wh05apk has explained £900 should not be an issue, but a £10k cash deposit may do.

Good luck

vacheron

thesaint5 wrote: »

Lol, so are there only two wis's on here? Are you on tz uk? Having my watches as backup is useful! Love my omegas and hope to keep them! Thanks v!!

I used to post on TZ.com quite a bit in the past ('99 to around '07), not so much these days though now. Haven't bought much new for a while but have kept most of my collection too as it's nice to have something with intrinsic value to trade for bread come the apocalypse.

As you mentioned Omegas I do have an SMP which needs a new mainspring but I haven't got round to ordering one for it yet.

The only watch I have sold recently was my YG 1860 LUC 1.96 which I hardly ever wore, and which was pushing my contents insurance up too much each year just for the privilege of keeping it in the safe!

thesaint5

I love my smp, in rotation with my PO! But.. I had the chance to buy a chopard a while ago cheap and still regret it!!

Simon_gloster

Where am I?

thesaint5

Simon_gloster wrote: »

Where am I?

In your front room?

Don't get it...