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First time buyer help please!!

Hi
I will be a first time buyer of a house later on in the year with my partner. My partner has been saving for a deposit much longer than me (before we met) whereas I have only been saving for approx 6 months currently. I have a LISA and need 4k in it in order to receive the 1k interest back. I currently have around £1200 in this account. I have been in my overdraft recently to pay off a car issue and because I have been out of work for 1 month. I'm now back in full time employment and salaried. Due to my recent struggles a family member has offered to deposit money in my account to clear my overdraft (this is free btw but I hate being in it) they would be giving me £1000 to do this, they have said I do not have to pay this back but I have drafted ideas of doing this over a few months. If this money is deposited into my account then obviously as I'm adding extra money into my LISA from my current account would this £1000 be seen as a contribution to my deposit. I make regular deposit into the LISA minimum of £200 if I can and in November made a large lump sum into it. I am planning on adding another large sum at the end of Jan approx £600 to make up for nothing in December and around £800 in February.
Because I am making this regular payments would I have to tell lenders that about the £1000 to clear my over draft if I accepted it?
Also when I make deposits to my LISA on the last day of each month I take money from my current account and put it into my savings one, I can't figure out how to directly transfer the money from the savings to the LISA so I then have to transfer back to current as it comes from my debit card when depositing. I only transfer it to my savings in case I have to show how much I am saving each month. Is this an acceptable way of showing saving habits for a deposit and proof of deposit?

Sorry for the long winded message!!!

Comments

  • Hiya, I know its not really answering your message.
    But please don't stress over trying to catch up with your partner.
    You have had a few things not go your way financially recently, let yourself focus on getting back on track!
    They may ask you in the mortgage meeting about what the £1000.00 was, but my mortgage advisor focused more on the money going out, than what was coming in.
    My mum used to send me money fairly regularly that she owed me & the advisor never asked about those!
    What do you mean RE the last line of your question? bit confused, sorry!
  • Hi Thanks for that lovely message. I'm not too concerned about catching up.
    It's just i want to make sure I everything in order haha.
    Basically I transfer money from current account in my savings, but in order to put this into my other account which is the LISA for the deposit it has to be done via debit card transaction, so on my statements it shows on my savings account money was deposited then transferred back to my current(my current is where my debit card is registered to and this is where the money goes into my LISA) IF I showed this when showing bank statements would this statement be seen as acceptable as it would correlate with my LISA deposits
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