BUYING A HOME
Mortgage deposits can come from several sources, but lenders may want to understand where the money originated and may apply different requirements depending on the source.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
There is no exhaustive list. The source needs to be legitimate, and the requirements can differ depending on the lender, the transaction and the circumstances.
Personal savings
Money accumulated from income or other savings over time.
Gifted deposit
Money provided as a genuine gift, commonly from family. Lender requirements can apply.
Equity from another property
Sale proceeds or existing property equity may contribute towards a new purchase.
Investments or other assets
Money realised from investments or other assets may potentially contribute towards a deposit.
Other sources
Other legitimate sources may be possible, but lender and evidential requirements can differ.
Lenders, conveyancers and other parties involved in a property transaction may need evidence showing where deposit funds have come from. Requirements depend on the lender, the circumstances and the transaction.
What evidence might I need for my deposit?
Requirements vary, but may include evidence showing the amount, source and movement of the money. You may be asked for some, rather than all, of the following:
Bank or savings statements
Evidence of investment proceeds
Evidence relating to a property sale
Inheritance documentation where relevant
Gifted-deposit documentation where relevant
Other source-of-funds evidence requested
Borrowing used to fund a deposit can affect affordability and lender acceptance. Different lenders have different criteria, and any borrowing or repayment commitment should be disclosed accurately.
Can family help with my mortgage deposit?
Family assistance can take different forms and lender requirements vary. A genuine gift and a family arrangement involving repayment or an interest in the property can be assessed differently.
Can I use an inheritance as a mortgage deposit?
Inherited funds may potentially be used once available to the buyer, but evidence of the source may be required and circumstances differ.
Can I use equity from my existing home?
People moving home commonly use equity released from the sale of their existing property towards the next purchase.
The size of the deposit affects loan-to-value. Different LTVs can affect the mortgage products, rates and lending options potentially available, although outcomes depend on the applicant and lender criteria.
Will my conveyancer check where the deposit came from?
Conveyancers may need source-of-funds or source-of-wealth information as part of their own legal and regulatory responsibilities. Your conveyancer can explain the evidence they require for your particular transaction.
Can a mortgage adviser help?
A mortgage adviser can discuss the proposed deposit and identify mortgage options that may be available based on the circumstances and lender criteria.
Where can a mortgage deposit come from?
Do I have to prove where my mortgage deposit came from?
Can my parents give me a mortgage deposit?
Can I use inheritance for a mortgage deposit?
Can I borrow money for a mortgage deposit?
Can I use investments for my mortgage deposit?
Can I use equity from another property as my deposit?
Why does my solicitor need to know where my deposit came from?
BUYING A HOME
MortgageAdvice.co.uk can connect you with a selected mortgage adviser to discuss your deposit, borrowing requirements and mortgage options.
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No obligation to proceed. Your home may be repossessed if you do not keep up repayments on your mortgage.
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