Proof of Deposit - Bank Statements

crauk

I’m starting the process of buying a property in the UK and have a question about proving the source of my deposit.

I work full-time with an average salary of £3,500 per month, and my wife is self-employed with a net income of around £1,000 per month. We are able to save £2,500 from my salary each month while covering our living expenses with the rest. We have no debts or loans—just rent, food, and leisure costs.

We’ve just started saving and plan to have a £10,000 deposit in the next four months. My salary is paid directly into my account, and the £2,500 savings are transferred straight to our savings account after each paycheck.

When working with a solicitor, do they usually request only the last four months of bank statements to verify the deposit funds, or could they ask for five to ten years of financial history?

Thanks all.

Mark_d

I'm also in the process of getting a mortgage, so perhaps a similar situation.

My  mortgage broker wanted proof of income and proof of deposit - to be supplied to the mortgage lender.  Proof of income is from the last few current account statements.  Proof of deposit is the current view of my ISA.

I don't expect the solicitor to ask for anything more. 

crauk

Yes, exactly! To be more clear on the solicitor part, I thought it would be useful to provide all the evidence so they can clearly see the flow of funds. For example:

Bank statements from January to April

Money in: £3,500 (Salary – Payslip)

Money out: £2,500 → Transferred to Savings Account

That way, everything is transparent, showing that the deposit was built directly from my employed income.

janoid19

We had to show our solicitor 3 months banks statements anyway even though our deposit is coming from the sale of our house.

If you are saving up over 4 months lets say, then the solicitor will most likely ask for 4 months of statements for the savings account which will show the money coming from your main bank account to the savings.

When I bought my first house 4 years ago, the deposit was made up of a help to buy ISA and some inheritance money from around 10 years before and they literally only asked for the help to buy statement and one months savings statement.

RyanAnon

Depends who you're using. 

Some solicitors will ask (I believe it's optional and you can send statements instead) you to connect your bank account to a system and they will then look back at around 6 months of bank statements and query some income. 

Other solicitors will just accept the bank statements you send as showing how it's built up.

Ultimately they'll just try and cover themselves to make sure they've questioned everything that they need to question. 

But you should be all good, especially if you're just building up over a few months with your salary - very straightforward.