Proof of deposit - sold items on gumtree

ddvilanova

Hello, I have a 10000 deposit ready for a mortgage made up of the following:

£3000 savings
£2500 work bonus
£1500 family gift
£3000 sold 2 guitars and an amplifier on gumtree

Being a first time buyer i am fairly naive to all the ins and out and and now have read up about proof of deposit after being asked to bring this to an appointment with my lender.

My question is how to i explain the £3000 cash deposited into my account?

Will this raise any flags with the lender?

Guest101

You liquidated assets, it's perfectly normal.

ddvilanova

So, a £3000 cash deposit into my savings account will not require any evidence of source. The only thing i can use are the gumtree posts to show i was selling them - i have nothing else.

teddysmum

You have £3000 of savings and there is nothing odd about having £6000. Even people claiming income based benefits are allowed that much.

eddddy

If the £10k is the deposit for the property, don't forget that you will need more cash as well - for legal fees, mortgage application fees etc. (And stamp duty if the property is over £125k)

And it's best to have a bit of spare cash left when you move in, in case the boiler breaks down, the toilet starts leaking etc.

freeisgood

Take a screen shot of your ad...also any texts will be "evidence". Not that they would ask really.