mortgage deposit shortfall

tara2013

I agree legally I can sell any thing which I own etc..... :

But are their any legal obligations to inform Lender or solicitor about this?

I suspect I will need 6K to 10K to cover the shortfall.

tara2013

I actually called my solicitor and she suggested gift deposit should be fine as long as lender should approve it first and then he will also have a look.

My mortgage has been approved already and it is with Halifax.

I am not sure what should be the process to request lender and how quickly and comfortable are they with this......

stator

There are two questions. Will the lender accept the source of the deposit. And secondly can you prove to the solicitor where the money came from for anti-money laundering purposes. A gifted deposit is easy to prove for money laundering purposes, but whether the lender accepts it or not is something you have to ask them. A sale of jewelery might be harder to prove for anti-money laundering, especially if it's coming from a family member and you have no official receipts.

amnblog

tara2013 wrote: »

Really is it possible? Could I sell personal stuff to any one or my sister or my friend to raise deposit?

What if lender or solicitor asked for my bank statement prior to completion?

Having said that I sold my camera months ago and money went to my bank account?

Not a good idea.


Just complicates matters - Lender will ask where the funds came from.

AndyAtu

i'd check with mortgage broker before doing anything, they will know what proof of source of deposit would be acceptable to lender.