Question regarding source of funds

r5cwgtt

Hi

I have been accepted for a 25% mortgage and the bank has stated they will be requiring to see proof of source of funds, this has been built up over last 10 years saving ( I am 30 years old )

However in the last 3 months I have had transactions with a friend where he has sent me roughly 20k for a short term, this has now been returned to him and can be seen on the last 3 months bank statements,

I was wondering if they will still have an issue with this money, even although there is proof money has been fully returned to him.

Any help much appreciated

R5

GMS

Why did a friend send you 20k?

ValHaller

GMS wrote: »

Why did a friend send you 20k?

To be laundered. OP is returning it pressed and ironed.

holly_hobby

With regards the deposit, if the 20k's doesn't form part of it, then the solicitor should be ok in confirming to the lender that there are no other parties with beneficial interest.

However, they do have a duty to report any suspicious behaviour spotted, and they may question you on 20k at a time yo-yo'ing between you and your friend. If its a bank to bank tsf it may be ok (with a decent explanation), however if you're depositing 20k cash, and returning the funds to him under a bank tsf, this somewhat reeks, nay stinks, of money laundering, which is a criminal offence .... so be prepared to answer some Qs if thats the case.

I'm surprised the bank haven't picked this up YET, but as I say if its bank to bank that may be why it hasn't been picked up - although accounts are monitored for such behaviour.

Hope this helps

Holly x

r5cwgtt

Thanks for the reply guys

I sent my friend 5k over a year ago as part of a betting syndicate, the 20k which he sent to me back over the stage of 8 weeks were my winnings,

I sent him the money back as I did not want it to be included for my mortgage deposit,

I can explain this if required, I just know it doesnt look great even although tho it has nothing to do with launder money.

I was just wondering if this would be an issue or not,

On another note can the estate agent ask to see skrill transactions as I have £2500 coming in from my skrill account also in the past couple months.

I understand this may look bad but geniune nothing dodgy going on,

Kind Regards

r5

r5cwgtt

holly_hobby wrote: »

If its a bank to bank tsf it may be ok (with a decent explanation), however if you're depositing 20k cash, and returning the funds to him under a bank tsf, this somewhat reeks, nay stinks, of money laundering, which is a criminal offence .... so be prepared to answer some Qs if thats the case.

The money is bank to bank transfer no cash deposits etc etc.

r5cwgtt

GMS wrote: »

Why did a friend send you 20k?

I gave him 5k over a year ago and this was my returns of a betting syndicate.

holly_hobby

r5cwgtt wrote: »

I sent my friend 5k over a year ago as part of a betting syndicate, the 20k which he sent to me back over the stage of 8 weeks were my winnings,

I sent him the money back as I did not want it to be included for my mortgage deposit,

Your 15k & original stake, being returned under a drip feed method over 8 wks, would appear on the face of it to be tad whiffy, as its a typical ML technique, ie small amounts paid in over a regular and extended basis, to avoid internal bank triggers which may otherwise be implemented by paying a large sum at once .... but the fact the tsfs are all bank to bank may help to dispel the ML connotations with the sol.....and its the sol you'll need to convince.

It'll be a suck it an see exercise, but if the floating 20k is from legal souces (and that includes legal betting), you've nothing to worry about not matter how much digging they do .... however if it doesn't form part of the deposit, they may just disregard it or not dig too much (it'll depend on the sol satisfying themselves of the source), but best to be aware of what can happen so you're prepared.

Hope this helps

Holly