Mortgage deposit currently sitting into premium bonds, should I withdraw?

charliebobgordon

Hi there.

I'm in the process of applying for a mortgage with my girlfriend. Just over half of it is currently in NS&I Premium Bonds. Do I need to withdraw from premium bonds into my bank account now to facilitate the mortgage application or can I keep it in premium bonds for another couple of months until the solicitor asks for the deposit and just show an NS&I statement or something to the lender?

Am I right in thinking that they ask for bank statements to see how you're managing your money and not as proof of the deposit/funds that you have?

Can't find a solid answer anywhere so would be interested it know, thanks!

Edi81

I’d reckon you can keep it and show evidence (statement) that you have the funds available.

When I bought 4 years ago some of my savings were in PB and I withdrew them just before I needed to pay my deposit.

Even if it’s not accepted the funds would be in your bank account within a few days.
You never know...you may win before you need to withdraw them.

amnblog

Leave all funds where they are and evidence them where they are.

N S & I statements are perfectly acceptable.

Cash them in now and you will be asked to supply the bank statement showing the funds and the N S & I statement showing the source of the funds, cleverly doubling the paperwork you need to produce.

ACG

I completely agree with amn, premium bond statements will be fine. Moving them around will just mean you may need to provide more evidence to show the money moving around.

soliders212

I had some issue with them requesting the statement as I withdrawn my money too early and they cannot produce a personalised statement, so I would suggest you to request one bond record every month. so that you have a bond record each month. when your solicitor ask . say 3 month worth of statement, you will be able to show them all your bond record for Sep, Oct Nov.... and so on