cash deposits

nizzex

I have a question in relation to money shown on bank statement for mortgage applications.


I have some cash accumulated from sale of a car and other misc items. about 4k. If this is deposited as cash will the lender when they check bank statement ask for proof? This would be hard as it was cash sales.

Also If I deposit it another bank in my own name and transfer to my main savings pot for the deposit will that still be OK as its coming from me. Its will be just a one off deposit of this sort of sum?


Cheers

foxy-stoat

For this amount of money I doubt it will matter too much. If it had a zero on the end then the bank would probably want to know where its come from.

If they ask you can confirm the truth and that would be the end of it.

davidmcn

I would be prepared for your solicitor to ask for evidence of where it came from.

foxy-stoat

davidmcn wrote: »

I would be prepared for your solicitor to ask for evidence of where it came from.

Am sure the OP would of kept copies of the receipt they gave the buyer of the car.

MovingForwards

As long as you have an explanation as to where the money has come from, if the lender asks, then it should be ok.

Do you have copies of the advert for your car? Print or save it somewhere, same for anything else you sold, just in case the lender asks.

If you put it into and different account, then transfer it, you still need to show where it came from if asked for it.

davidmcn

foxy-stoat wrote: »

Am sure the OP would have kept copies of the receipt they gave the buyer of the car.

I wouldn't be, and in any event that might not be convincing enough evidence that the cash wasn't something else.