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First time cash buyer - where to start .
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Just an update .... I may need to get a small mortgage to help with the purchase even thought I have the cash sitting in a bank account but dont want to put all the funds in one go for a couple of reasons , i was looking to get a 2 year fixed on the mortgage then pay it off after the term... What what would be the cheapest way to do this ? Would getting the longest term be the best option even though I would be paying it off as soon as it ends...0
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I think the reason why they are talking about "checks" is because cash buyer sounds very fishy and they will want an AML check done to ensure that you are not some kind of drug dealer since cash buyers usually are people that are from a wealthy background. Buying with cash definitely is easier. There are plenty of guides online that explain the buying process.0
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Thank ... the issue in my case maybe with the AML checks all the funds have come from my soletrader account over the last 10 years which I have transferred to various bank accounts chasing higher interest rates.. the problem I have is that no solicitor is willing to do the checks before I find a property - If I could find one which would do the checks beforehand it would be a lot less hassle and would be able to buy the property without the need for a mortgage.Uriziel said:I think the reason why they are talking about "checks" is because cash buyer sounds very fishy and they will want an AML check done to ensure that you are not some kind of drug dealer since cash buyers usually are people that are from a wealthy background. Buying with cash definitely is easier. There are plenty of guides online that explain the buying process.0 -
Why do you think it's likely to be an issue? How long has the money been in your bank account(s)?
It's funds recently received from somebody else (or recently-deposited cash) which is more likely to raise questions.0 -
Just a worrier , the funds have been in one account for over a year the other half has been moved around in the last 6 months but before that was moved around alot - it is all from my natwest then starling soletrader account ... its around 250k - 300 ... no cash deposits all from sales on paypal / ebay.0
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Moving around accounts in your own name isn't going to be problematic from an AML point of view, it's just more of a paper trail to look at.0
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