Evidence of sources of income for mortgage deposit

amyle3012

My husband and I will buy a house together however as my credit is low, he will be the sole applicant for the mortgage.

We have saved enough for our deposit however half of the money is in my bank account. If I am to transfer this amount into his account, will the solicitor have to look at the sources of my money, such as my earnings etc...The problem is a portion of my saving were paid in (cash) previously from a friend who simply repaid a personal loan she'd borrowed long time ago.

I'm worried if this will be seen as 'money laundering' or anything dodgy? Will I get into trouble? Many thanks !

lee111s

It's all if's and but's. Some places ask, some don't. You'll just have to see what happens when you're going through the process and provide evidence/explain where it's from if required.

kingstreet

Some lenders won't be happy with a non-applicant providing part of the deposit funds, regardless of the source.

Make sure you explain this to whoever will arrange your mortgage so they avoid the usual suspects.