eBay seller mortgage application

UKTelecom

Hi gang, would appreciate advice on my position please - first time buyer.

I understand as part of the application process for a mortgage you need to prove the source of your deposit for money laundering purposes.

My income is wholly attributable to my eBay business. I am registered as a sole trader (have been for 7 years) and do my self assessment every year. My bank balance reflects what I have declared I have earned first of all I should say.

Anyway re proof of the source of my funds I have the following evidence:

1. PayPal payments history/overview with individual transaction ID's - this shows who has paid me, how much for and what they are actually paying for.
2. Individual emails from both eBay and PayPal for each of the above transactions
3. Withdrawals history from PayPal showing how much I have withdrawn and where to - again with individual transaction ID's and separate emails for these withdrawals.
4. Bank statements showing me receiving these withdrawals from PayPal, with the above withdrawal IDs on it

So from payment from a buyer (source) to actually receiving the funds into my bank I have the evidence - I am happy to provide all the above, but in practice is it required?

Just curious so I can best prepare. Thanks in advance all.

ACG

I think you are overthinking it. Your deposit is savings. You provide SA302s as proof of income and your personal bank statements which will show payments coming into your account.

They may ask for proof of deposit, but just send them a statement of wherever the money is.

UKTelecom

Cheers for that, yes I probably am overthinking it - reading stories on the internet do not help, I think those stories are more related to scenarios where people get given lump sums from "distant family members" etc though and then try to use those funds as their deposit. Which isn't the case for me.

As you say they know what I earn from the SA302s.

I suppose I have this fear I'll end up with some old codger thats never heard of PayPal etc. I am prepared either way like I say but hopefully you are right and will not have to go into that much depth / they understand the process of how people get paid for sales online.

Thrugelmir

UKTelecom wrote: »

My income is wholly attributable to my eBay business. I am registered as a sole trader (have been for 7 years) and do my self assessment every year.

Then you'll prepare annual accounts. You could always get these certified by an accountant. As presumably very straightforward.

UKTelecom

Yep have my annual accounts ready if requested - they are not certified though. My broker has so far just asked for my SA302s.

ACG

If you have a broker, trust them.
Accounts are unlikely to be needed.