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Evidence of deposit?
potsofmoney_(I_wish)
Posts: 208 Forumite
Do most lenders require evidence of deposit? We are getting some of our deposit from family members and as it's coming in dribs and drabs it won't be all together in one place until the it's due to be paid. Will this hinder us being accepted for a mortgage?
TIA
TIA
0
Comments
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Presuming the deposit is a gift and not a loan, the lender may require a letter confirming its a gift from each person giving you the money.
Presuming its a loan, a lender is 99% unlikely to accept it.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
... and it may be necessary to do ID and source of funds checks on the contributors as well. Likelihood of this will depend upon:
- lender incolved
- solicitor involved
- broker (if any) and their network involvedHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Why dribs and drabs? Makes the transaction look even more dodgy!
Far better to be made in singular transfers nearer the time.0 -
Why dribs and drabs? Makes the transaction look even more dodgy!
lol I see what you mean. My MIL is in the process of completing on a house and is not sure when. My FIL and my mum are not sure how much/when.0
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