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Deposit Proof - Help!
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Posts: 18 Forumite
Hi there. We are just looking for some advice on our current situation.
We are currently in the process of purchasing a Shared Ownership property. We have been approved by the HA, our Mortgage Application has gone into Halifax and Solicitors have been instructed.
The Solicitors are asking for proof of the Savings for the Deposit - around £15000. The deposit money we have saved over the past 3 years has been through our salaries - Majority of the money is from our PAYE salaries but we have also been putting money into it from my OH's business venture which is fairly new. We are currently in the process of registering the business and for self assessment, etc, through an Accountant.
We are now worried that this could jeopardize our purchase. I'm sure the Solicitors are going to question this money paid into the account, when we show them a latest statement and we can obviously explain. We have nothing to hide!
We actually have another savings account which we have been putting money aside for the tax owed, etc, once the accounts have been done. The business is new so we wouldn't be able to use this income for our Mortgage. We already have a DIP on both of our normal salaries but we haven't disclosed this second income due to this reason. The income is not going to take us over £80000 limit either which shouldn't affect our eligibility for Help To Buy with the HA. It hasn't been disclosed to the HA either. Maybe we should have?
Do we have anything to be worried about or am I being paranoid?
Thanks for looking at my post!
We are currently in the process of purchasing a Shared Ownership property. We have been approved by the HA, our Mortgage Application has gone into Halifax and Solicitors have been instructed.
The Solicitors are asking for proof of the Savings for the Deposit - around £15000. The deposit money we have saved over the past 3 years has been through our salaries - Majority of the money is from our PAYE salaries but we have also been putting money into it from my OH's business venture which is fairly new. We are currently in the process of registering the business and for self assessment, etc, through an Accountant.
We are now worried that this could jeopardize our purchase. I'm sure the Solicitors are going to question this money paid into the account, when we show them a latest statement and we can obviously explain. We have nothing to hide!
We actually have another savings account which we have been putting money aside for the tax owed, etc, once the accounts have been done. The business is new so we wouldn't be able to use this income for our Mortgage. We already have a DIP on both of our normal salaries but we haven't disclosed this second income due to this reason. The income is not going to take us over £80000 limit either which shouldn't affect our eligibility for Help To Buy with the HA. It hasn't been disclosed to the HA either. Maybe we should have?
Do we have anything to be worried about or am I being paranoid?
Thanks for looking at my post!
0
Comments
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You are being paranoid.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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