Money from overseas for mortgage deposit

SummerSunshine2

Hi,

I was living overseas and saved money. I want to use the money as some of my deposit for my first home.

Is there anything I need to know or do? It’s currebtly in my bank overseas.

Thanks friends

nicholbb

Depends how much, over £10k will probably be the trigger. Which country would be important because some have limits on what you take out. Also tax could be an issue, there or here - but you have documents for that (in Europe it's not an issue).

Getting the money here can be expensive, look at your bank but consider other services (TransferWise is one but others exist and may be cheaper).



Once in the money is in the country and in a bank account there are not many questions, bank probably won't care other than you saying job savings, your solicitor will care and ask questions.

ACG

Speak to the lender you plan on applying to and also the solicitor you plan on using upfront. They can all have different requirements.

SummerSunshine2

Ok thanks.

I’m in a pickle at the moment as I don’t have much credit and “new” to the country. I’ve been told by mortgage people to come back when I’ve found a place... but no one can give me a real answer ;/

SummerSunshine2

With regards to tax etc it’s all legit I’m just not sure if they will accept the money because it was earned overseas.

Penelopa.Pitstop

There's no problem with money earned overseas. You just need paperwork to fulfil Anti Money Laundering - AML requirements. So bank statements from the account, etc. You can transfer the money to UK if/when you're in the process of buying the property.

SummerSunshine2

Thanks @penelopa. Do you know what the criteria is, or moreso what I need to provide? Most of the money is more than 5 years old and I don’t know if I just need to provide bank statements for the past two years etc. Also how can they verify an overseas bank account.

sal_III

When I was using gift from parents as part of my deposit and the monies were coming from an overseas bank account, my Solicitor asked me for their bank statements in English for AML purposes and that was it. Shouldn't be much different fro your own funds.

ironmanjason

SummerSunshine2 wrote: »

Thanks @penelopa. Do you know what the criteria is, or moreso what I need to provide? Most of the money is more than 5 years old and I don’t know if I just need to provide bank statements for the past two years etc. Also how can they verify an overseas bank account.

I had a gift for my deposit - solicitors wanted just the bank statements and a letter to confirm it was true gift.

But the bank wanted a bit more - They wanted to understand the incoming monies in the foregin account over the last 6 months (eg payslip etc.) so if you have your payslip from when you saved this money it is straight forward.. also it helps if you have the money already in the account here I suppose or at least did in my case.

cado1

Banks have to satisfy themselves that the funds have come from a legit source. So if for example you were working in this country and saving from your salary each month and this can be evidenced on your bank statements it would be a good start. Bear in mind it depends on the country as some are considered higher risk than others so you may be asked for a lot more information if say the money was coming from Nigeria than say France, and before anyone starts I am not picking on Nigeria I have worked in banking for a number of years and know that it is considered a "high risk" country

davidmcn

SummerSunshine2 wrote: »

Thanks @penelopa. Do you know what the criteria is, or moreso what I need to provide? Most of the money is more than 5 years old and I don’t know if I just need to provide bank statements for the past two years etc.

Probably less than that, requirements will vary but just three months is typical.

Also how can they verify an overseas bank account.

They don't specifically "verify" the account whether it's UK or overseas, just satisfy themselves that you've given them what appears to be an authentic bank statement etc for an account in your name.