Getting finances in order for house purchase

tightasagnats

Hello everyone,

Happy Easter/Passover,

Can anyone advise about what to do about my savings for house deposit - I've got an offer on my home, which will make up most of my deposit, and am looking now for new property. AIP is agreed with Natwest.

I have my savings all over the place, ISA, several current accounts, savings account, is it best to get it all together in once place for the sake of the bank money laundering checks - or is it easy enough for them to access all these accounts? I don't want to lose interest by moving finds unnecessarily before I have to. Last time I bought the criteria was less strict so it didn't matter so much where it all was.

Also, a friend has offered to give me the shortfall if needed for deposit up to 10K should I find a slightly pricier house - would we need a letter to confirm this? Where and how should this money be paid if needed?

Thanks for any help.

Keezing

I wouldn't worry too much about where your funds are currently allocated, as long as you can access them at short notice if necessary.

Gifted deposits from a non-family member can be tricky, but Natwest are normally reasonable. This is their criteria:

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Gifted deposit: third party
Gifts from third parties (not sellers/vendors) are an acceptable source of an applicant's deposit, but only where there is no repayment required. We will require a signed letter from the third party confirming they have no interest in the property and that there will be no repayment required. The letter must be addressed to NatWest and confirm the amounts, who the money is coming from, who it's going to and the relationship to the applicant.

tightasagnats

Thank you.