Mortgage - deposit from second income

adamwilson22112222

I have a main permanent job and am also recently registered as a sole trader to complete freelance work in my spare time.

I have recently completed a large contract and am awaiting payment for 2 invoices: £1500 and £4000 - which will both arrive (from the same uk based company) this week.

Combined with around £3000 in savings and a £2000 bonus from my main employment (also received this month) I will be using those amounts for my deposit of around £10000.

In all cases - all money will be paid via bank transfer into my own accounts.

My question is whether those amounts are going to cause any problems with my solicitor or lender when showing proof of deposit?

DCFC79

Keeping evidence of where the monies are from would surely be of use.

adamwilson22112222

Everything will be paid into my own bank accounts - nationwide

davidmcn

adamwilson22112222 wrote: »

Everything will be paid into my own bank accounts - nationwide

Yes, but you'll probably need evidence of where it came from, not just the money appearing in your account - so your invoices, payment advice from your client, etc.

adamwilson22112222

Ok thanks. So, in theory the fact that over half of my deposit will be coming from invoices generated the same month, I should have nothing to be concerned about?

rtho782

I've recently completed with Nationwide.

I'm in a similar position - I work full time and also work as a contractor for a couple of clients.

Most of our deposit came from my contracting income. We bank from nationwide and the deposit had effectively built up in our Nationwide joint account over 9 months or so.

I had not been contracting long enough to declare it as an income to Nationwide, so while the adviser was aware of it, it was not entered into their calculations, the application was based on our joint employment income.

Solicitor asked for proof of funds, I sent 3 months bank statements, they never asked for anything else (although I could have provided invoices etc).

But then, the bank statements were probably hard to read (all our day to day transactions, rent, bills etc go through that account. The contracting income actually goes into my sole account then gets transferred into the joint account so showed on the statement as an internal transfer.

tl;dr you should be fine.