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Proof of deposit and precise

SherriO
SherriO Posts: 25 Forumite
in House buying, renting & selling
Hoping someone could advice us. We have our deposits in a HTB ISA. Few months ago we lent a friend over 2000 pounds from a different savings account and today he has told he wants to pay back. Coincidentally we meet with our morgage broker today to submit documents for precise application. I am a bit concerned the money coming today will be questioned. Will it be a problem even though it's not our deposit? Thanks
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Comments

  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    They may request a letter from your friend stating that the money is a loan repayment, but it shouldn't cause any problems.
  • The_Real_Cheddar_Bob
    The_Real_Cheddar_Bob Posts: 542 Forumite
    Seventh Anniversary 500 Posts Name Dropper Photogenic
    simple, have the money paid in cash only, not through the bank.


    problem solved
  • Lolly88
    Lolly88 Posts: 322 Forumite
    Tenth Anniversary Combo Breaker
    Slithery wrote: »
    They may request a letter from your friend stating that the money is a loan repayment, but it shouldn't cause any problems.

    Out of curiosity would lenders go for that? I know with gifted deposits they will only accept family members giving them but if it was as simple as someone producing a letter indicating that it was a 'loan repayment' surely anyone could do that? Is there likely to be any further investigation?
    Homeowner
    :j
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Lolly88 wrote: »
    Out of curiosity would lenders go for that? I know with gifted deposits they will only accept family members giving them but if it was as simple as someone producing a letter indicating that it was a 'loan repayment' surely anyone could do that? Is there likely to be any further investigation?
    If there is also evidence of the money going in the other direction in the first place then it's a bit more convincing.


    In this case though it's not even part of the deposit (as the OP has enough verifiable funds) so shouldn't need to be queried.
  • Time2go
    Time2go Posts: 198 Forumite
    We applied recently for a mortgage with precise and were never asked where deposit was coming from.
  • SherriO
    SherriO Posts: 25 Forumite
    My thoughts exactly we have our morgage in our ISA. This was our regular savings. Hubby gave him the money in cash though. And he paid back 400 pounds short of what we gave. I hope it wouldn't cause any problems. Very stressful period!
  • SherriO
    SherriO Posts: 25 Forumite
    Time2go wrote: »
    We applied recently for a mortgage with precise and were never asked where deposit was coming from.

    The broker has highlighted some deposits he thinks would be questioned. ,and this was one of them. all others are transfers between I and hubby or from current to savings.
  • elliemet23
    elliemet23 Posts: 34 Forumite
    They may request a letter from your friend stating that the money is a loan repayment, but it shouldn't cause any problems.

    We had to do the same thing... As long as your friend states it isnt a loan to you and you arent going to be paying him back, they arent fussed at all!

    Good luck
    xxx
    27th October - £1008.86 owed
    24th November - £987.02 owed
    Bloody interest :mad::eek:
  • Car1980
    Car1980 Posts: 2,070 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Nobody will bother. You could have sold a car, had an invoice paid - anything
  • chappers
    chappers Posts: 2,988 Forumite
    A simple statement by yourselves should be sufficient, The lenders concern is that your deposit hasn't come from borrowing. If you have sufficient I your ISA that should be fine. Lenders usually only want to see bank statements to assess conduct.
This discussion has been closed.
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