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mortgage deposit proof
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movingagain
Posts: 22 Forumite
Just a query about deposits and proof.
I sold my house a while back and have had the equity sitting in the bank. I used some to pay a few things and make a large purchase but have since replaced the money drawing a dividend. I am now about to apply for a mortgage but i want to put a little bit more down but it's coming from dividends i will be taking on 6th April. So when they ask where my deposit is coming from do i say equity and savings or just equity??
Would they want to see proof as its going to be a few weeks before i have the dividend in the bank as i want to wait till the new tax year so i don't have a huge dividend tax bill.
Thanks
I sold my house a while back and have had the equity sitting in the bank. I used some to pay a few things and make a large purchase but have since replaced the money drawing a dividend. I am now about to apply for a mortgage but i want to put a little bit more down but it's coming from dividends i will be taking on 6th April. So when they ask where my deposit is coming from do i say equity and savings or just equity??
Would they want to see proof as its going to be a few weeks before i have the dividend in the bank as i want to wait till the new tax year so i don't have a huge dividend tax bill.
Thanks
0
Comments
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Since you have sold your house already, then techincally your source of deposit is savings rather than equity.
Therefore when they ask about your deposit, you say savings which originally came from the sale of your house, and the short fall of X will be made up of dividend payments which you will recieve on 6th of April. They will likely ask for bank statements to evidence you have the savings.0
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