Deposits

Dewhirstn

Morning All,

My Wife and I
are hoping to be in a position by Jan '20 to put a deposit on a house, however we were talking last night and thought of a way which could mean we can start proceedings in Apr/May '19 instead.
We have been saving regularly for our son in a couple of different child saver accounts (shopping around for the best rates etc.) And he has amassed about 5.5k so far, which would be more like 6.5k by next apr/may, so we were going to close his savings accountsp and use that money towards our deposit.

Now I'm not looking for the moral argument of using the money (he's 5 so we have plenty of time to replace it), I want to know if the banks will accept that money for the deposit? I know they can be very strict on where deposit money has been located from and so I don't want to go through closing all his accounts only to find they won't take it.

Any advice would be great.

ACG

Have you asked the banks you want to withdraw the money from AND the mortgage lenders?

You could find your child has a beneficial interest in the property.

Dewhirstn

Thanks ACG,

I've never heard of a "Beneficial Interest" before? what does it mean?