What is proof of deposit?

Proof of deposit is exactly what it says on the tin — evidence of the appropriate amount of money in the bank.

The deposit is a huge part of buying a home and lenders’ requirements can be quite strict. It affects how much a buyer may be able to borrow, the rate they borrow it at and the type of property they can afford.

Before buyers are approved for their mortgage, lenders will want to see proof of their deposit, normally in the form of a bank statement.

If the deposit is part or fully gifted e.g. from parents, the process will be similar, but may require the buyer to provide a few more documents for the lender. 

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