Saving my deposit, what is acceptable?

claireelliott86

So i have moved back to my parents temporarily so that i can get my deposit together quickly, hoping to reach my 15% target in the next few months. All of my deposit will be coming from my earning which i am currently saving every week. The question is, i have a large collection of vintage toys which i collected through my childhood and still have to this day. I have looked into selling it on ebay and all in all i am looking at around 2-3k maybe more, it will need to be split up and sold individually. Will this cause me issues explaining this money, obviously i can provide proof of paypal / ebay payments but will this be ok, obviously it will be very handy to get the extra money towards the deposit?

Exodi

You'll have Anti-Money Laundering checks performed on you (basically they'll ask for your bank statements for the last X months for any account money is coming from).

They then may enquire about particular transactions (personally I don't think most solicitors would care about a £2,000-£3,000 credit from PayPal) but if they do, you can just simply show them your transaction history.

There's absolutely no issues using this money though of course.

claireelliott86

Thank you I just wanted to check that it was ok to use money from selling these items, its my first time buying a house and its all quite daunting knowing whats acceptable and not.

Exodi

claireelliott86 wrote: »

Thank you I just wanted to check that it was ok to use money from selling these items, its my first time buying a house and its all quite daunting knowing whats acceptable and not.

All money is acceptable with the exception of laundered money (eg you're part of a crime ring and you're buying a house to turn dirty money into an asset) or if the money is someone elses (and they'd have to declare what they're expectations are for giving you the money).

I really wouldn't worry about it (unless you are of course part of a large crime ring!)

claireelliott86

Haha thank you, no not part a a crime ring!!! Probably just overthinking things and reading too much online!!!!