Mortgage + Large Deposit

My credit history is not the best around, a default followed by a few missed credit card payments 4 years ago when I was a student.

I'm finding it hard to get a lower rate mortgage but was happy when Portman Building Society accepted me. They are asking me to provide proof of my deposit, why do they need these checks? I assume it is for money laundering purposes.

My deposit is quite a large sum, comprising of a gift from my grandmother that are in a bond atm, a sale of a flat in China, and my mums savings that are currently in Hong Kong.

Does anyone know of the complications of transferring these sums of money from Hong Kong / China to a UK bank account? I have all the monthly statements for the savings, the proof for sale of flat in China and the bond is already in a UK bank account of course, will I need to supply all this information and the total life of these cash amounts? Advice needed.

Thanks in Advance.

Reply to
Honno
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No, they are probably concerned, given that your credit history is not "the best", as you put it, that you are not overcommitting yourself in terms of debt. They want to be satisfied that your large deposit really is your own money, or is being gifted to you. They want to be convinced that you haven't borrowed it from other sources, as this might commit you to repaying it (and interest thereon), which could compromise your ability to make mortgage payments.

Reply to
Ronald Raygun

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