Deposit for a new build

Pantobabe · 5 December 2017 at 8:58PM

Hi there,

I am in the process of just going to reserve a plot on a new build that has become available. Using the Help
To Buy the deposit I need to pay is £11,250. Around 6 months ago once I had saved £4000 I transferred this to a family member for her to keep safe for me (so I wasn’t tempted to dip into it) and I now need this transferred back to make my total savings in my bank £11,250, enough for the deposit.

I never thought that my family member transferring me
This money back would be a problem, but reading some posts on here, could it affect my ability to get a mortgage if they see the money transferred back into my account- will they question it? If so, how do I get around this?

Thanks in advance!

Pantobabe · 5 December 2017 at 8:59PM

I should add I’ve already got an agreement in principle

Pixie5740 · 5 December 2017 at 9:00PM

I imagine your solicitor would question it. (S)he has to be satisfied that a) the money was yours in the first place, and b) that there’s no money laundering going on.

Slithery · 5 December 2017 at 9:05PM

A letter from your family member stating that the money is repayment of a loan should be all you need. Especially since you have proof of the money leaving your account in the first place.

davidmcn · 5 December 2017 at 9:37PM

You can't "get around" it, you just need to explain it to your solicitor and show them both transfers (and as suggested, a letter from the other party). Up to your solicitor what evidence they need to show that it's genuinely your money.