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    • vignezh
    • By vignezh 19th Jun 17, 10:45 AM
    • 10Posts
    • 0Thanks
    Proof of Deposit - Mortgage
    • #1
    • 19th Jun 17, 10:45 AM
    Proof of Deposit - Mortgage 19th Jun 17 at 10:45 AM
    I am just trying to buying my first home. I have been saving for a deposit for over a year. Last year in June, I transferred 5000 of my savings to lend to my relatives in India (including for a wedding expenditure etc) and have bank statements to show transactions of money being moved from UK account to Indian bank account.

    In the meantime, I have been saving funds and have about 5000 saved through my salary (+bonus) + tax return, etc and additionally have about 3000 of the money I lent to my relative returned. I need 6200 for the deposit. When I told my solicitor about this, he said he will have to get his compliance team to look at the documents to exclude any money laundering issues. Has anyone experienced anything like this before? I am still awaiting a reply from my solicitor, but this is causing anxiety as you may understand.

    Thank you in advance.
Page 1
    • DumbMuscle
    • By DumbMuscle 19th Jun 17, 11:26 AM
    • 197 Posts
    • 286 Thanks
    • #2
    • 19th Jun 17, 11:26 AM
    • #2
    • 19th Jun 17, 11:26 AM
    It depends on the provider/solicitor and their attitude to risk. Given it's just transfer to family, you'll probably be OK.

    My deposit funds came from abroad (proceeds from the sale of a share in a building in Poland), and were significantly larger than yours. The only people who had issue with it were Atom Bank, and I suspect that was so they could avoid having too many mortgages on the ridiculously low rate they were advertising a few months ago (since the mortgage broker said they were finding any excuse to drop cases). Both sets of solicitors (the ones I was forced to use when taking out the Atom Mortgage due to their tiny panel, and the ones I used for my purchase when given the option), the mortgage broker, and the bank I eventually got my mortgage from (Barclays) saw no problem with it, and just needed a bit of paperwork confirming that the sale had taken place.
    • vignezh
    • By vignezh 20th Jun 17, 9:49 AM
    • 10 Posts
    • 0 Thanks
    • #3
    • 20th Jun 17, 9:49 AM
    • #3
    • 20th Jun 17, 9:49 AM
    Thank you for your input.
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