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Proof of Funds

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  • Proof of Funds

    I recently made an offer to buy a house and the offer was accepted. The estate agent said that I would need to provide proof that I had the funds given that I was offering to pay the full cost without need of a mortgage.

    My money is held in three different bank accounts. In two of the accounts I can obtain prints from the Online banking. The other account sends statements every six months so I could send either an original or a copy.

    I have however been reading on websites that cash buyers face all sorts of enquiries due to money laundering regulations. People provide bank statements and are then asked for more statements going back even further. I am beginning to wonder if I am letting myself in for an awful lot of stress. Perhaps I should continue being a tenant and splash out on expensive holidays instead.

    Comments invited.