We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Deposit Money from overseas
ThePhatz
Posts: 1 Newbie
We are looking to buy a new home, my question is regarding the source of the deposit. I am English and my wife is Chinese, we have savings in the following places: Equity from our current home, cash in UK bank account, cash in Chinese bank account.
Questions would be:
Whilst we know that there is no issue using the equity and the cash in the UK bank account, what about money transferred from China? Is it OK to use this as part of the deposit or will lenders just not accept this ( we can provide bank statements in my wife's name and get them translated if really necessary) ?
If we transfer the money into a UK account, how long does it need to stay there before lenders will normally accept it as ours rather than considering it as an overseas source of money?
Can we use the Chinese money to pay, for example, stamp duty charges, with a debit card rather than use it as the deposit for the house ( I believe that we don't need to use a solicitor to pay these if we don't want?).
Anyone been in a similar situation and resolved the sort of issues? We want to use the Chinese money if we can as its ours and it could boost our deposit by 50% so it is significant, but we want to make sure we do everything above board so it goes smoothly.
Questions would be:
Whilst we know that there is no issue using the equity and the cash in the UK bank account, what about money transferred from China? Is it OK to use this as part of the deposit or will lenders just not accept this ( we can provide bank statements in my wife's name and get them translated if really necessary) ?
If we transfer the money into a UK account, how long does it need to stay there before lenders will normally accept it as ours rather than considering it as an overseas source of money?
Can we use the Chinese money to pay, for example, stamp duty charges, with a debit card rather than use it as the deposit for the house ( I believe that we don't need to use a solicitor to pay these if we don't want?).
Anyone been in a similar situation and resolved the sort of issues? We want to use the Chinese money if we can as its ours and it could boost our deposit by 50% so it is significant, but we want to make sure we do everything above board so it goes smoothly.
0
Comments
-
Some lenders and solicitors will apply increased diligence to the source of the funds so it might be worth establishing the requirements of who you might use for your purchase as there are no hard and fast rules which apply to all.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards