Mortgage deposit from selling assets

AndyAtu

I understand one can have a mortgage deposit from selling assets, mainly furniture and other personal "junk" through private sale.

Does anyone know what sort of evidence is required?

I realise receipts but is there specific form/info lenders look for?

libf

You must have a lot of junk to sell if it'll make enough for a mortgage deposit!!

AndyAtu

Libf, I'm sorry but your reply is not really helpful.

I have saved up but I need an additional grant or so. There's furniture, jewellery electrics, etc. that can be sold to achieve more than I need for this purpose. As I was hoping the inverted comas would suggest, it's not really junk but it's not significant assets like another property or a car, hence the use of the phrase "personal junk"".

I'm not wondering whether I can raise a few hundred pounds selling my stuff, but how lenders will see this.

jjgold

evidence? money in the bank would work

Baby_Angel

I sold around £5000 worth of gold jewellery. Had a receipt from the jewellers to whom I sold it too. However the lenders did not ask for evidence, just the deposit in my savings account. The lender was Nationwide.

amnblog

A lender should not particularly concern themselves with a few hundred pounds coming into the bank account with a simple explanation but they will want to see it there.


As an extreme example, we had a client with thousands of pounds cash that they deposited in their bank account a few weeks before purchase. Since we had photo's of their lavish wedding in a culture where cash gifts to the marrying couple are usual, we were able to get the lender comfortable with this.


Remember the Lender's hands are tied as legislation insists they monitor the source of deposit funds - they cannot assume anything.

AndyAtu

What if I sell jewellery and furniture and other personal goods to friends and family. I'd have receipts showing their name, the item bought with picture of it and amount sold for with signature. Would that be sufficient?

BJV

Money laundering rules and regulations means that unless you plan to sell more than £15,000 there should not be a problem. Your bank may ask some questions when you start to deposit the cash but your mortgage company will not care as long as the money is in your account. If however you started to deposit large amount of cash into your bank on a regular basis then yes you would have to be able to justify where the money came from but one off no problem.

AndyAtu

Hi BJV, thanks for this. Not looking for anything near that amount. Only about an extra grant or so.