Proof of deposit

jtandt83

I'm a first time buyer and my deposit of around £20,000 has been made up largely from gambling winnings and paid directly into my account in cash over the past couple of years. The majority if not all of it has been sat in my savings account for over 6 months, will I have to provide proof of where this has come from as I haven't been keeping a track of when and where I've been winning and this would prove difficult for me?

Nobbie1967

I had a similar problem, but with me the money came from working cash in hand and not paying tax;)

jtandt83

Sarcasm I'm sure.

kingstreet

As long as you can evidence it building up in your account over a period, you should be fine.

sparrer

I've bought several properties and have never been questioned about where the money for deposits came from. If I was my reply would simply be that I'd saved it up.

dominoman

jtandt83 wrote: »

I'm a first time buyer and my deposit of around £20,000 has been made up largely from gambling winnings and paid directly into my account in cash over the past couple of years. The majority if not all of it has been sat in my savings account for over 6 months, will I have to provide proof of where this has come from as I haven't been keeping a track of when and where I've been winning and this would prove difficult for me?

I got asked about some large deposits, and had to produce evidence of where they came from. But they were all deposits of over 30-50k each (i am not loaded but had just moved deposit savings around).

If it is made up of various smaller deposits you shouldn't have any issues.

Pandilex

Mortgage company does not seem to care where the money came from.

A huge chunk of my deposit is coming from parents, they have approved my mortgage without wanting any evidence at all of this. Just my parents names and address.

They just wanted 3 months payslips to show my income.

Bizarre.

kirstym100

Mortgage companies generally don't ask for proof of deposit - it is usually your solicitor (who is acting for the lender as well) that makes checks. My mortgage application sailed through with no questions, but my solicitor was very thorough, and I had to provide statements from previous accounts to prove where the money in my savings account had come from (and it had been in there for a lot longer than 6 months).

dgtazzman

Same, it was our sols that made things difficult for us. I transferred a good chunk of our deposit out of a Dutch savings account I still had from when I was living there, all fine and dandy, but our sols started asking a load of questions about said Dutch account and wanted to see paperwork. It was an online account and I had closed it over 6 months before the questions were asked, so I had a very hard time convincing them it was all above board ^^

bris

Your solicitor is duty bound by law now to check where your deposit came from and it is legit, HMRC will have them struck off if it transpired you were money laundering and he didn't check.

So yes you should be asked to prove where the deposit came from, they are duty bound, the same as banks, to inform HMRC of cash payments made to them of over £5k (may be different now) so they will take it, but it might start an investigation.

tom9980

jtandt83 wrote: »

I'm a first time buyer and my deposit of around £20,000 has been made up largely from gambling winnings and paid directly into my account in cash over the past couple of years. The majority if not all of it has been sat in my savings account for over 6 months, will I have to provide proof of where this has come from as I haven't been keeping a track of when and where I've been winning and this would prove difficult for me?

A good broker and their advice will help, but basically when it comes to the mortgage company and solicitor if they don't ask then don't tell them.

Assuming you have been using online gambling then there is no reason why you cannot login to those accounts and show winning bets in the history. Much better however to just give them bank statements which shows the amounts being transferred in, but again don't do anything unless asked.