Conversations with a Pug – What are non-genuine savings?
For some people, saving for a home loan deposit is long and arduous.
Years of sacrifice and two-minute noodles are followed by an approximate three month wait, whilst you prove to your lender that you are capable of budgeting and making mortgage repayments.
This is known as GENUINE savings and is how many people start their property journey.
But this isn’t always how life works. You may have different circumstances in which you’ve come into money quickly. This can be from an inheritance, a gift, sales of assets or most commonly, a little help from mum and dad.
These are known as NON-GENUINE SAVINGS and are perfectly acceptable.
All you have to do is let your broker know your situation and make sure you choose ‘non-genuine savings’ when you’re comparing different home loans.
If you’d like to talk through the difference between genuine and non-genuine savings give me a call.
My Very Best To You Always,