One of the main reasons that can slow down a mortgage application is showing a lender your proof of deposit.
When you’re buying a home, lenders don’t just want to know how much cash you’ve got – they want to know where it came from. Think of it like a nosy friend asking, “Who paid for this round?” It’s not us being nosy, though; it’s all thanks to the UK’s Money Laundering Regulations (sounds fancy, but basically, it’s about keeping everything above board).
Money laundering is what dodgy types do to make their ill-gotten gains look squeaky clean. Since you’re definitely not one of them, proving your deposit is no biggie – but it is important. That means showing us where your money’s come from, whether it’s savings, a gift from a generous relative (thanks, Mum!), or selling something big like a car. No random wads of cash under the mattress, though – we have to play by the rules here.
If you don’t send the right documents, your mortgage process could stall faster than a learner driver at a roundabout. But don’t panic – we’ll tell you exactly what you need and hold your hand (metaphorically) every step of the way.
So, if you’ve got questions, we’ve got answers – and possibly a cuppa. Let’s get that deposit sorted and keep things smooth, legal, and as painless as possible!
