The Letter of Explanation for Mortgage Large Deposit is a crucial document required by UK mortgage lenders when applicants provide substantial deposits that require additional verification. This document became increasingly important following enhanced anti-money laundering regulations in the UK financial sector. It serves to demonstrate the legitimate source of funds, typically required when deposits exceed normal savings patterns or come from multiple sources. The letter helps lenders comply with their regulatory obligations under English and Welsh law while protecting both parties in the transaction. It's particularly relevant when deposits come from gifts, inheritance, investment returns, or international transfers.
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1. Personal Information: Full name, current address, contact details, and mortgage application reference
2. Deposit Amount Declaration: Specific amount of deposit being explained and property purchase details
3. Source of Funds: Primary explanation of where the deposit originated from and how it was accumulated
4. Timeline of Accumulation: Chronological explanation of how and when funds were accumulated or received
5. Declaration of Truth: Statement confirming all information provided is true and accurate
1. Gift Declaration: Details of gifted funds including donor information and relationship - used when deposit includes monetary gifts
2. International Transfer Details: Information about international fund transfers including origin country and transfer method - required for overseas funds
3. Investment Sale Details: Information about liquidated investments including type and date of sale - used for investment-sourced deposits
4. Inheritance Details: Information about inherited funds including deceased's details and inheritance date - required for inherited deposits
1. Bank Statements: Supporting bank statements showing accumulation or receipt of funds
2. Gift Documentation: Formal gift letters and declarations from donors if deposit includes gifted funds
3. Sale Documentation: Proof of asset or investment sales if deposit comes from sold assets
4. Inheritance Documentation: Probate or inheritance documents if deposit comes from inherited funds
5. International Transfer Receipts: Documentation showing international money transfers if funds originated overseas
Relevant legal definitions
Clauses
Declaration of Truth
Source of Funds
Fund Accumulation
Documentation Reference
Personal Verification
Anti-Money Laundering Compliance
Gift Confirmation
International Transfer Declaration
Tax Compliance
Investment Sale Verification
Inheritance Confirmation
Supporting Evidence
Data Protection
Authorisation
Certification
Source of Funds
Fund Accumulation
Documentation Reference
Personal Verification
Anti-Money Laundering Compliance
Gift Confirmation
International Transfer Declaration
Tax Compliance
Investment Sale Verification
Inheritance Confirmation
Supporting Evidence
Data Protection
Authorisation
Certification
Relevant Industries
Relevant Teams
Relevant Roles
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