Crypto and Mortgages - Any Advice

MattPearce

I suppose the other hoop is the solicitors as @Deleted_User said, maybe a mortgage company would be OK with it, but the solicitors not? 

Is this a scenario others need to think about? And being upfront with Solicitors before instruction?

ACG

MattPearce said:

@ACG - nice! I noticed pepper money are a repeat client of yours…? (Other threads) 

Have you had any crypto derived deposits? 

They’ve OKayed mine so far, I’m still at under writer stage mind, so who knows, but they have confirmed they are willing to receive crypto derived deposits assuming I can prove buy > sell path. Which is good! 

I have never had anyone come to me with a deposit from crypto. I have seen the odd statement with a bit of to and fro but normally people just dabbling the odd bit here and there. 

MattPearce

Crypto derived GBP makes up about 33% of the deposit. 

Thrugelmir

MattPearce said:

Thrugelmir said:

MattPearce said:

Seems odd that its good enough for HMRC to tax but lots of the mortgage market are not getting involved yet?
Maybe this will change at it becomes more mainstream over the years.
 

HMRC take payment in GDP not crypto. The Treasury isn't going to decline tax revenue to pay for public services. Very different to lenders being cauught up in an unregulated currency where the source could be illegal. Property is an ideal method of making money "legal". 

Sorry, I think you are misunderstood. I am talking about using GBP derived from the sale of crypto assets. 

The money originated from somewhere. It's the source that matters for money laundering regulations.  Huge onus, accountability and responsibility on the banks to perform the neccessary checks. Crypto is the currency of the underworld. Can be moved without question to anywhere in the world.