PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Deposit needs to be in account for 3 months. Is this common practice?

245

Comments

  • theartfullodger
    theartfullodger Posts: 15,715 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Lww wrote: »
    We have been asked if we are going to loan money, to which the answer was yes.
    Suspect you may perhaps have failed to quite fully take on board the subtle difference between "to loan money" and borrowing sumfink.... To help a slow, old, man could you kindly clarify: Are you planning on borrowing some or all of the deposit from family relations, please??
  • Lww_2
    Lww_2 Posts: 12 Forumite
    theartfullodger wrote: »
    Don't think you have quite fully taken on board the subtle difference between "to loan money" and borrowing sumfink.... To help a slow, old, man could you kindly clarify: Are you planning on borrowing some or all of the deposit from family relations, please??

    We're borrowing a small amount to help us out. We have been saving the rest for quite a while, it's just the final bit that they want to sort us out with.

    But that isn't even the issue. The broker, lender and solicitor all know about this.

    The problem I'm facing is that the solicitor has said in a letter that the deposit amount has to be in the account for at least 3 months before completion to adhere to strict money laundering regulations. It's just not something I, or anyone I know, has heard of before. I can't contact the solicitors until Monday and it's something that's going to be playing on my mind all weekend so I could do with some advice on that.
  • fashionvictim
    fashionvictim Posts: 185 Forumite
    surely a loan is not accepted as a deposit. OP if you declared it it must of been as that you were receiving money as a gift?
  • Lww_2
    Lww_2 Posts: 12 Forumite
    fashionvictim wrote: »
    surely a loan is not accepted as a deposit. OP if you declared it it must of been as that you were receiving money as a gift?

    Well I understand that if there's any intention on it being paid back in the future (which I intend on doing) then it's technically classed as a loan. The last thing I want to do is be accused of mortgage fraud over a technicality.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Ninth Anniversary 1,000 Posts Name Dropper
    There's nothing in the money laundering regs that says you have to have money in an account for 3 months.
  • Lww_2
    Lww_2 Posts: 12 Forumite
    camelot1971 wrote: »
    There's nothing in the money laundering regs that says you have to have money in an account for 3 months.

    Excellent. Thanks for clarifying that. I really appreciate it.
  • marksoton
    marksoton Posts: 17,516 Forumite
    Lww wrote: »
    We're borrowing a small amount to help us out. We have been saving the rest for quite a while, it's just the final bit that they want to sort us out with.

    But that isn't even the issue. The broker, lender and solicitor all know about this.

    It's exactly the issue.
  • marksoton
    marksoton Posts: 17,516 Forumite
    Lww wrote: »
    The last thing I want to do is be accused of mortgage fraud over a technicality.

    So why are you committing mortgage fraud?
  • Lww_2
    Lww_2 Posts: 12 Forumite
    marksoton wrote: »
    It's exactly the issue.

    Well it wasn't my question. But thanks for raising it, I'll be sure to speak with the lender to double check that everything is in place.
  • marksoton
    marksoton Posts: 17,516 Forumite
    Lww wrote: »
    Well it wasn't my question.

    I don't care what your question was.

    You're committing fraud and i hope you get caught.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.3K Work, Benefits & Business
  • 599.5K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture