Crytocurrency Profits as Mortgage Deposit

JoshWarren33

Hi Guys

Just wondering if anyone can help advise me with my current situation. I've got some capital built up this year from profits I've earned through investments in cryptocurrency. This has all been done on one of the worlds largest cryptocurrency exchanges (very similar to a stock exchange) which requires photo ID verification and also keeps a log of all money deposited and withdrawn and at what amounts etc. I have also set up a seperate bank account since the start of my investments and I have solely used this bank account to make deposits so all the funds are all tracked there. I have read that majority of lenders would more than likely need any funds used for a deposit to be stored in a  UK bank account for 6 months. 

So my question is if I were to take profits and store them in a UK bank account for 6 months, also create an audit log of all my transactions that were made to get that profit would this be acceptable funds for a deposit?

Thrugelmir

No reason why not. Though if there's a full audit trail of purchases matched to sales. There'll be no necessity to leave the money untouched for 6 months. How the purchases were funded may well need to be evidenced if considerable sums are involved. 

K_S

@JoshWarren33 Many lenders will not consider crypto profits/investments as acceptable for the purposes of a deposit (though they'll likely have no issue you using the same funds to make an overpayment of the same size on day 1, go figure).

However, with a clear trail there are a handful of lenders who will consider including a few mainstream ones. I see this at least once every few weeks now, with clients using proceeds from Coinbase to part-fund their deposit. On its own, it hasn't yet stopped a client from getting a mortgage.