Depositing Cash

Matt2605

Hi there,

I’m looking to do a mortgage application and purchase my house in the next 6-12 months.

I have about £7000 worth of cash that I’ve saved up and looking to deposit it into my account to use as part of my deposit.

Will this be deemed suspicious as I have no trace on the cash what so ever...

Will they accept the sum as part of my deposit??

What’s the best way to deposit it. Small chunks or in one hit?

jamesperrett

I would have thought that putting it in a savings account so that it is earning interest would be the most urgent thing to worry about now.

davidmcn

Matt2605 wrote: »

Will this be deemed suspicious as I have no trace on the cash what so ever...

Generally, yes. But if by the time it matters, it's already been in your bank for 6+ months, it will probably be deemed to be yours without further enquiry. Often people will only want to look back 3 months or so. I would just put it all into the bank ASAP.

jonesMUFCforever

I agree with above posts but be prepared to be questioned when you deposit it.
Split it up between 3/4 deposits - you may still be asked though especially if someone from above in the bank checks your account.

Matt2605

Some people have advised me to say that I won the cash at the horse races as they can’t ask questions about gambling? Also there would be no evidence as you have no betting slips. Is this true.

Edi81

So where did the cash come from? Do not lie about it to the bank.

[Deleted User]

Matt2605 wrote: »

Some people have advised me to say that I won the cash at the horse races as they can’t ask questions about gambling? Also there would be no evidence as you have no betting slips. Is this true.

No it's not true

SmashedAvacado

Saved up from what? Your pocket money?

As long as you can show / tell them how you came to have it if they ask - then you’ll be fine. Don’t start lying. £7k in cash isn’t a huge amount of cash- but it’s probably best that you deposit it into a bank account as if someone were to take it you’d be gutted

davidmcn

Matt2605 wrote: »

Some people have advised me to say that I won the cash at the horse races as they can’t ask questions about gambling?

Say to whom? It's not going to get past money-laundering concerns at the time of your house purchase (plus gamblers aren't treated as a great credit risk!).

Your bank might ask questions when you make the deposit, so just answer them honestly. Of course they can ask questions about gambling.

ognum

Matt2605 wrote: »

Hi there,

I’m looking to do a mortgage application and purchase my house in the next 6-12 months.

I have about £7000 worth of cash that I’ve saved up and looking to deposit it into my account to use as part of my deposit.

Will this be deemed suspicious as I have no trace on the cash what so ever...

Will they accept the sum as part of my deposit??

What’s the best way to deposit it. Small chunks or in one hit?

1 would suggest using the cash for your living expenses, shopping, bills, pub, travel any credit card payments etc and keeping you salary in your bank. That would suggest to the mortgage company that you are very frugal

LandyAndy

ognum wrote: »

1 would suggest using the cash for your living expenses, shopping, bills, pub, travel any credit card payments etc and keeping you salary in your bank. That would suggest to the mortgage company that you are very frugal

This is the way to go.