Does mortgage include deposit?
looked into getting a mortgage with natwest (uk) and was told we could borrow up to 150000 with them, we have a deposit of 20000 and told them this when giving all our details. so... does this mean we can look at houses up to 150000 or does deposit go on top of this and we can look up to 170000? i'm confused, please help
What is a mortgage? If you own a house do you still have to pay mortgage on it?
I never really understood what a mortgage is. At one point I thought it was what you pay for the land that your house is on. Someone recently told me it's the monthly payments you make on a house in order to own it. But then someone else told me that once you finish paying off your house you still have to pay mortgage. I'm confused... What exactly is mortgage?? Someone please explain it to me. Thank you!!
How do I deposit a large amount of cash without getting in trouble?
If this is the first time you have credited a large cash amount (and I mean US$/ GB£ Notes) in to your account, particularly if your transactions in the past have been small, be prepared for questions, not initially by the cashier, but later when the voucher processing stage.The bank will take the money over the counter purely for safety sake (walking around with a lot of hard cash is very dangerous) may not place it in you account, but in a special suspense account for inspection. If it is electronic funds transfer, such as a Telegraphic Transfer or CHAPS payment, which has an audit trail, there are unlikely to be questions.When my late father passed on, I received a significant (for me) legacy, I notified my bank that the money was coming in from a solicitor and it was as a result of my father’s legacy. Further that there were going to be a lot of high value out-bound transactions.:To pay off my mortgage and second Charge over my houseTo buy a carPay a series of large debts (average £10K each)That gave them notice that the unusual transactions were known about and were not suspicious, particularly given that they were going to happen within about 10 days of the money coming in to the account, to be sent out again. It indicates to the bank that there is no money laundering.The safest way of depositing a large sum is by:CHAPS/BACS/ Wired Funds Transfer (TT); with the exception of BACS “real time”.Bankers Draft, payable to you, or marked “Bearer”. That is a “cheque” drawn on the bank of issue from their reserves, so in effect a guaranteed payment. The term bearer means that whoever holds that draft is entitled to the money and can demand payment in an alternative form, whether that is Gold, Precious materials including commodities, like oil, precious stones etc. and of course currency notes. Again the last one far from safe.
Is it true that you can only deposit/withdrawl under $10,000 without raising eyebrows?
No, that is not true. It is true that if you deposit over $10,000 actual cash, the teller will have to fill out a form. It is to help catch money launderers. You have no reason to worry about this reporting if your grandmother actually handed you $12,000 in cash. Therefore, there is no need for 2 separate checks as checks are exempt from this reporting requirement. A check leaves a paper trail. End of story. The one thing you might want to do is check with your mortgage company. They may want your grandmother to sign something to say that the money is gift and not a loan. Good luck in your new house! Edit to add: After I posted my reply, I saw all the responses with suggestions of structuring your deposit. Structuring means making multiple deposits below the limit and other activities to avoid reporting. Don't pay any attention to those people. You aren't doing anything wrong and have nothing to worry about. To the people who think that the banks won't catch you when you structure deposits, you should think again. The banks aren't stupid. There are things in place to detect structuring. If you're doing anything illegal, better not take your cash to the bank.