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Author Topic: Bank statements required for property purchase  (Read 1572 times)

SquirtyQueen

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Bank statements required for property purchase
« on: 16 September 2021, 01:47:33 pm »
I'm buying a house and have been asked by my solicitors for a list of ALL my bank accounts with 6 months of statements for each account (new money laundering rules apparently).
I am registered with HMRC but haven't submitted my first year accounts yet. I opened a few new accounts in April and am concerned that this, along with multiple cash deposits over two months will flag as irregular!
Has anyone else been though this recently? And did you get questions on the amount of cash going into your account? Any advice gratefully received!

amy

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Re: Bank statements required for property purchase
« Reply #1 on: 16 September 2021, 09:00:26 pm »
I don't understand why you opened 'a few new accounts', and I agree they'll likely think it's odd but not if you have a reason for each (I have one personal, one work and one savings, for example).

As for the cash deposits, those are your earnings - you're paid in cash and then bank it afterwards; there's jothing odd about that and they'll know you're newly self employed. I had to state where the money came from when I bought my flat and I just told them it was transferred from my savings account, which it was. I wouldn't worry too much :).

Love.Sex.Dreams

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Re: Bank statements required for property purchase
« Reply #2 on: 20 September 2021, 11:18:06 am »
Are you applying for a mortgage?

Fanny

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Re: Bank statements required for property purchase
« Reply #3 on: 15 February 2022, 10:26:17 pm »
Is it possible to obtain a mortgage working as an escort if u pay the taxes regularly? Thanks

MsRedhead

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Re: Bank statements required for property purchase
« Reply #4 on: 16 February 2022, 12:40:44 am »
Is it possible to obtain a mortgage working as an escort if u pay the taxes regularly? Thanks

Yes

englishrebecca121

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Re: Bank statements required for property purchase
« Reply #5 on: 16 February 2022, 02:42:12 pm »
I own 2 property’s never had an issue as long as your books are up to date they don’t care where cash deposit comes from x

neutralC

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Re: Bank statements required for property purchase
« Reply #6 on: 16 February 2022, 03:50:15 pm »
this is weird, but depends how much you have saved for deposit (like if you have saved 60% of deposit, you might could buy)
But if you are self employed for not a full year, you are looking to get mortgage - no one is going to give you a mortgage. They look at 2 last years of accounts but you better be registered at least 2-3 years

northernstar

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Re: Bank statements required for property purchase
« Reply #7 on: 17 February 2022, 07:44:51 pm »
Question is, are we able to openly state that  we are sex workers? It’s perfectly legal yes but banks may reject the application based on their belief that it’s not sustainable, high risk etc

Been rejected for a business account twice when was honest about the nature of the business.

What have you ladies put as occupation when applying for mortgage? 

English Green

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Re: Bank statements required for property purchase
« Reply #8 on: 17 February 2022, 08:19:05 pm »
Question is, are we able to openly state that  we are sex workers? It’s perfectly legal yes but banks may reject the application based on their belief that it’s not sustainable, high risk etc

Been rejected for a business account twice when was honest about the nature of the business.

What have you ladies put as occupation when applying for mortgage?

Strange isn't it you can work as a sex worker, pay tax as one but banks don't usually want you to have a business account as one. I know 2 women who tried opening an account as sex work and they both were turned down but they have no problem with a massage therapist title. Banks can choose who they want though really.

Florence_Rose

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Re: Bank statements required for property purchase
« Reply #9 on: 17 February 2022, 09:06:37 pm »
Question is, are we able to openly state that  we are sex workers? It’s perfectly legal yes but banks may reject the application based on their belief that it’s not sustainable, high risk etc

Been rejected for a business account twice when was honest about the nature of the business.

What have you ladies put as occupation when applying for mortgage?

No I don’t think it’s wise to state we are a sex worker. I put therapist on my application (I used a broker so I just told him a lie, he accepted it and then he dealt with the rest). They do ask for bank statements but I think they only really want to see that money is coming in quite consistently and that you’re not gambling etc.

this is weird, but depends how much you have saved for deposit (like if you have saved 60% of deposit, you might could buy)
But if you are self employed for not a full year, you are looking to get mortgage - no one is going to give you a mortgage. They look at 2 last years of accounts but you better be registered at least 2-3 years
Less than one year accounts won’t do it but There are some lenders who will give you a mortgage based on one year accounts (they will probably want a chartered accountant to have done them) but it is possible. IMO its great to use a broker rather than going to a bank or similar as a broker will have access and knowledge of LOADS of lenders and they’ll know what lender can do and won’t do etc

DiscreetLady

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Re: Bank statements required for property purchase
« Reply #10 on: 17 February 2022, 09:39:37 pm »
normally they should only ask for 3 month statement (that's was my case) and they didn't ask my occupation. they asked what is the source of funds. i said savings. the account hadn't had any money coming in for a fw years and they didn't ask to see all my accounts. i bought the uk property when i was living overseas and made a trip to the uk just to view it. so far, no other questions asked. just needed to have my passport notarised by a local notary public in the country i was living at that time which was malaysia, 2018.
why have cotton when you can have silk???

Florence_Rose

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Re: Bank statements required for property purchase
« Reply #11 on: 17 February 2022, 10:10:37 pm »
normally they should only ask for 3 month statement (that's was my case) and they didn't ask my occupation. they asked what is the source of funds. i said savings. the account hadn't had any money coming in for a fw years and they didn't ask to see all my accounts. i bought the uk property when i was living overseas and made a trip to the uk just to view it. so far, no other questions asked. just needed to have my passport notarised by a local notary public in the country i was living at that time which was malaysia, 2018.

It all depends on each individual lender. They all have slightly different requirements. But I have heard of them asking for 6 months bank statements. I was asked for 3 months for my personal and business.
They definitely wanted to know my occupation

DiscreetLady

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Re: Bank statements required for property purchase
« Reply #12 on: 17 February 2022, 10:19:06 pm »
It all depends on each individual lender. They all have slightly different requirements. But I have heard of them asking for 6 months bank statements. I was asked for 3 months for my personal and business.
They definitely wanted to know my occupation

oh ok maybe they are more diligent if you getting a mortgage. mine was a cash purchase of a cheap property.
why have cotton when you can have silk???