Overseas funds for house deposit help

sxc07u

Hello

My partner and I have just had an offer accepted on a flat in London.

My partner is Danish and is planning on funding her half of the deposit with money in a Danish bank account. This money is in the form of inheritance from her late grandparents.

We have been informed by our broker that we will need to provide a source of the funds.

Does anyone here have similar experiences with this? How far would we have to go back to prove that the source was not from criminal proceeds?

I've heard that many lenders reject gifts from overseas because it's hard to prove the source.

Many thanks.

Thrugelmir

sxc07u wrote: »

I've heard that many lenders reject gifts from overseas because it's hard to prove the source.

In this technological age providing a full paper trail shouldn't be an issue. Whatever the source. Unless of course there's an attempt on part of the borrower to deceive. As the actual source of the money is questionable and unverifiable. .

davidmcn

sxc07u wrote: »

Does anyone here have similar experiences with this? How far would we have to go back to prove that the source was not from criminal proceeds?

Depends who's asking. I would go back three months, others may want to go further.

I've heard that many lenders reject gifts from overseas because it's hard to prove the source.

Heard it where? From your broker? I don't know of any which have a blanket policy of that sort.

There's nothing inherently problematic about it coming from overseas, some countries might be considered more "risky" than others, but I can't see Denmark raising suspicions.

(also, it's not a "gift" if it's your partner's money and she's a joint purchaser!)

dgtazzman

I've had this issue during a house purchase a few years ago. I had part of my deposit still sitting in an old Dutch bank account. In the end, all they wanted to see was statements showing the funds leaving my Dutch account (i.e. in my name) and arriving in my UK account. Was all quite painless.