It's been a long time since I applied for a mortgage. My mortgage adviser says he needs proof of my deposit for my BTL. I didn't anticipate this as I thought I didn't need my deposit until exchange. I need to know how I can get myself best prepared for the scrutiny/questions this is going to cause now. My sister owes me in excess of £60000 and she has an insurance policy which will pay out in 4 weeks time so she's going to get it paid straight into my Halifax bank account. This is the money I will use for the deposit on my BTL. It will be paid from an insurance company into my account. Could someone who has expertise in this area explain why they want proof of my deposit and what they're looking for and what I need to be able to show them that I'm telling the truth? I've lent my sis money which began in 1992 and we always had an agreement that I would wait a very long time for the money. It's been for cars, household items, a few holidays every year, overseas education experiences for her kids etc. It's been for many reasons over many years and it's always been my desire to do this for her and her children and I will continue to do it with cars and university and deposits for the kids first house when they get to that age. So what do I need to do ? Do I need to get her to sign an affidavit etc? My will is all made out to her and the kids as I've no spouse or children of my own. They are my only family and they have supported me in ways other than money. If it means I'm not going to be able to get through this hurdle then it probably is fairer to my vendor to find out now rather than later as I've just got my agreement in principle and would feel terrible if I had to pull out at the end and cause no end of distress for the family who's house I'm buying. TIA.
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