Urgent Proof of Deposit help!

Firsttimebuy1991

Hi everyone! I was wondering for those who have gone through the mortgage process (FTB) if they can help confirm best course of action for my deposit situation.

Dec 2018 - won a large sum gambling £60,000 and put it in a New savings account.

Every month since then I’ve deposited 2-3k into the account (from my normal salary) to show a build up of savings. Which is now at £75K

For providing proof to the solicitor, I am going to say it is “savings” vs a “gambling win” because I have saved up. My question is how far back will they ask me for? Will they ask to see back to December? Is it best I get a solicitor now to confirm proof of sources? I’m still property hunting but have a mortgage in principle.

Thank you for the help!

[Deleted User]

You need to tell the truth and say if cams from a gambling win

[Deleted User]

I acnt imagine you will have much problem confirming where your money has come from. I wouldnt get a solicitor to sort it out at this point. Wait until you have an offer accepted.
On the paperwork there is a lot of options and you tick the ones that apply to you. I think most have an 'other' option as well.
Declare it as is and keep paperwork etc from the accounting being opened until now to show regular build up of savings. Also if its through an online casino previous bank statements may show semi regular activity from the same place and then the paperwork for your win itself will be needed.

I wouldnt imagine a solicitor would have a huge issue with this as long as you have paperwork as mentioned above

Have you checked the lender is happy with this as a source of deposit?

Firsttimebuy1991

I haven’t gambled on my main current account this year to help clean up my bank statement. I’ve told the broker it was from savings. I assumed since I have a 6 month regular build up of 2-3k that would be enough for the solicitor but not sure how far back they will want to see my savings account. If it’s back to December they will see the 60k initial deposit. 🤔 thank you for the help

Thrugelmir

£75k is a sizable sum. Best to be prepared with the relevant paperwork.

[Deleted User]

Firsttimebuy1991 wrote: »

I haven’t gambled on my main current account this year to help clean up my bank statement. I’ve told the broker it was from savings. I assumed since I have a 6 month regular build up of 2-3k that would be enough for the solicitor but not sure how far back they will want to see my savings account. If it’s back to December they will see the 60k initial deposit. 🤔 thank you for the help

Most of the problems caused with mortgage companies is due to well meaning people telling brokers/lenders what they think they want to hear rather than the truth.

Go back to the broker and explain its from gambling winnings originally. As long as you have a paper trail to prove it a solicitor will be fine with it. And as long as the right lender is approached then no issue there either.
Some lenders wont be happy with it but its a lot better going to the next lender than being rejected due to non-disclosure once hte solicitor reports the details to the lender. That will also shaft the broker and potentially get them in trouble (although to be fair, if a broker sticks this through as savings without an explanation for the lump sum a year ago then id say they've not done enough due dillegence themselves)

Just be honest and it will all be fine. Mortgage companies arent looking for ways to refuse business but it you try hide something it doesnt look great

ACG

It is not just the solicitor who needs to sign off your deposit.

Ask the lender beforehand (the sooner the better) if they will accept a gambling win as a deposit. These things have a habit of coming out in the wash, if the solicitors ask for a 12 month statement - you are knackered and eventually you will need to declare it.

Better to get it all out in the open now rather than in 3 weeks time once you have had a credit check, paid fora valuation and solicitors costs.

davidmcn

How did the win get into your account? If a bank transfer from a recognised bookies, that's ok from a money laundering point of view. If a wodge of tenners, more problematic.

Firsttimebuy1991

I got it through a bank transfer but obviously lenders hate large gambling transactions. That’s why I spent this year not gambling on my statements to clean them up.

Firsttimebuy1991

Ok I am just worried that the good mortgage deal they found for me will be lost. Very few mortgages like gambling. I heard they’d only want to see six months statements is that not enough to show a build up of savings?

[Deleted User]

Firsttimebuy1991 wrote: »

Ok I am just worried that the good mortgage deal they found for me will be lost. Very few mortgages like gambling. I heard they’d only want to see six months statements is that not enough to show a build up of savings?

They want o see where the deposit came from. If the lender doesnt accept gambling win as proof of deposit and you say its savings you are entering in to mortgage fraud territory there.

In my experience, lenders dont like problem gambling where people are doing it in their overdrafts and missing payments as a result. There are plenty of lenders who are fine with it if it is a hobby or occasional.

I would be surprised if this single thing caused you an issue with a lender offering a good rate.