Remortgage and cash deposits

bargainhunter121

Please don’t be cross with me about this situation, as I’m already anxious and unsure what to do. We were planning  a house extension so applied for planning etc earlier this year and it was approved. We then became pregnant (a little sooner than anticipated] and found out around August. We waited until 12 weeks and decided to tell our architect of our change of circumstances. Long story short we were hoping to get the extension underway sooner rather than later but at the moment our bank statements have some concerns, namely cash deposits. 

My mum had been giving me some of her savings (cash) over the past few months to pay for a few things round the house and the surveys etc required. We didn’t ask for this money, but she always likes to kindly support us where she can. I’m so worried though about how this will be perceived by a lender. She tends to keep her cash saved in her home, so she wouldn’t be able to provide a bank statement showing the money in an account (she would be reluctant to show these details even if she did have them). I have spoke to her about this and she (just about) agreed to provide a letter along the ‘gifted deposit’ lines if so required. I’m not sure this will be enough and am contemplating withdrawing the application (we only supplied the info to the broker today so it hasn’t been submitted to the lender yet) and holding off a few months. I don’t want it going further, then looking suspicious if they request bank statements that we cannot provide. Should we delay it, let it proceed or explain things to the broker? Please help/advise.

MWT

Explain to the broker at least so they can advise you based on the size of these cash deposits.

bargainhunter121

Thanks, I just messaged him and he said that I didn’t need to worry as the lender wouldn’t look into it in that much depth. I imagine the solicitor might though if they don’t (yes I’m a worrier). It’s 4 sums over 3 months of £500/£600 and the amount we requested to borrow is £37k (16% ltv), lender will be Halifax. 

[Deleted User]

No one would be angry with you on here !! Sums of that amount are absolutely no problem. Mum has just gifted you some money, not because you are struggling, but she wanted to gift you some money for the baby preps / extension etc. Honestly dont worry another moment about this ! Money laundering is in the thousands - like big cash sums deposited into accounts. I dont recall giving my solicitor bank statements apart from proving my savings for my actual deposit that was obviously thousands. 

Enjoy extension / baby ! 

bargainhunter121

Thanks so much, that's a big relief. I was so so worried about this. I think pregnancy has made my anxiety worse unfortunately. 

[Deleted User]

bargainhunter121 said:

Thanks so much, that's a big relief. I was so so worried about this. I think pregnancy has made my anxiety worse unfortunately. 

Yep !! Been there done that with the pregnancy anxiety !