Deposit Query

Lessbutbetter

I've been given a £20,000 signing on bonus which i had paid into my sole trader HSBC account.

I'm going to buy a house in a few months time [june] and would like to know if i can simply transfer the funds for the deposit into my Halifax savings account and use these combined funds for the deposit. Combined deposit will be just under £40K.

da_rule

If you're a sole trader (rather than a limited company) then the money is yours. As long as there was no restriction in the contract under which the money was given regarding what you can use the money for then you'll be fine.

Don't forget to leave some money aside to pay income tax etc on the £20k.

Lessbutbetter

Thanks da_rule

Do you know what statements i need to provide? A friend said i needed to show 6 months statements of the account the deposit is coming from?

da_rule

6 months would be a safe option. As the deposit is potentially coming from two (or more) accounts then this will be needed for all of the accounts. As the £20k (assuming it was paid as a lump sum) will just suddenly appear on the statement so you may need to provide a copy of the contract etc.