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Proof of Deposit Savings
scottishsavingsgirl
Posts: 38 Forumite
I'm saving with my partner for a deposit for our first home & we are each planning to open Help to Buy ISAs with what we have saved so far.
We've both been gifted sums of money from family, for Christmas & Birthdays. Mine have mostly been directly into my account as my family live quite far away, but my partner has kept his in cash (£50 or £30 here & there inside cards etc).
The largest amount I have received was £500 from a direct relative who is terminally ill. They put this into my account, but have asked me not to tell other family members, in case it starts arguments.
I know that we might be required to provide proof of how we saved our deposit (once we have it). How would this work for my partner if he puts all the cash saved into an ISA as a lump sum?
Unfortunately, by the time we have the full deposit I do not think my relative will still be with us. I don't want to cause any stress for them by asking for a letter, but I might not be able to ask for proof further down the line.
Any advice would be appreciated.
We've both been gifted sums of money from family, for Christmas & Birthdays. Mine have mostly been directly into my account as my family live quite far away, but my partner has kept his in cash (£50 or £30 here & there inside cards etc).
The largest amount I have received was £500 from a direct relative who is terminally ill. They put this into my account, but have asked me not to tell other family members, in case it starts arguments.
I know that we might be required to provide proof of how we saved our deposit (once we have it). How would this work for my partner if he puts all the cash saved into an ISA as a lump sum?
Unfortunately, by the time we have the full deposit I do not think my relative will still be with us. I don't want to cause any stress for them by asking for a letter, but I might not be able to ask for proof further down the line.
Any advice would be appreciated.
0
Comments
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Its the several thousands and upwards that they expect to be reported not sums of money like this.
In any case if you spend the cash/ gifts on normal day to day expenses,then that leaves money free to be saved. I wouldn't worry about it. If they ask, your fiance can show sums leaving his bank account and money from wages entering it and spending leaving it and the surplus being saved.
As an aside I find it intensely irritating how measures designed to stop money laundering and terrorism have gotten out of hand and end up causing concern on what frankly are small sums that should never be an issue.0 -
I'm on a process of my mortgage application and I did open up the help to buy ISA last March for me to use by July and bank never ask me where I get my money from and between me and my husband we did deposit 2400 pounds no question ask so don't worry. Bank won't ask if it's just a small money.0
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Thank you both for your replies :-)0
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