What are genuine savings?
Genuine savings are required when you are borrowing more than 85% of the purchase price of the property.
This means you must show evidence of regular savings over a defined period of at least 3 months.
This may also include:
- A savings pattern (established over a period of 3 months)
- Term Deposit (held for at least 3 months
- Gift (held in the applicants account for at least 3 months)
- Cash (acceptable if held in an account for at least 3 months)
- Equity in an existing property
- Inheritance (held in the applicants account for at least 3 months)