Source of money proof

AlTi_2

Might be worrying over nothing here....
A friend of mine had been owing me some money for a while, just over £1000.
Last month he said he had the cash to repay me. We live quite far from each other and I had a credit card balance to pay off, so the easiest way was for him to go to his local bank and deposit cash into my credit card account.
Now I'm looking at applying for a mortgage, and I wonder if this will somehow cause an issue, because I read that all source of incomings need to be proved.
Will credit card statements be checked that thoroughly, or is it just bank account statements?
and if asked, would a simple "my friend owed me some cash" suffice?
Thanks for any help

Stevie_Palimo

I doubt you will be asked about it to be honest as I pay in sums of between a few hundred up to a few thousand pounds once in a while and never get questioned nor did I have a issue on the mortgage, It was not that big so that may have been the factor for me.

AlTi_2

Thanks, that's good to hear.

rtho782

You'll be asked for proof of source of funds for your deposit, not for money you previously paid your credit card off with.

In our case, our deposit was £11,500, as this had built up in our joint current account, which has all our spending on, over the course of a year we gave the solicitor about 35 pages of bank statements and heard nothing back. I think she had better things to do with her life than go through it line by line!

£1,000 was actually a gift from her parents, but I think this got lost in the statement as it was never queried, however we had enough without this money anyway.

MortgageMamma

It won't be checked by a lender as has been said previously they are interested in where your deposit money has come from not how you pay your bills. Plenty of people pay bills with cash - my husband is paid mostly in cash he fixes computers, we've never had any problems.

Good luck with your purchase.


MM

AlTi_2

Thanks again to all... One less thing to worry about