The difference between genuine and non-genuine savings
When applying for a home loan you’ll be asked to provide a lot of different information, including how much money you’ve saved.
These savings will be the deposit that you put towards the purchase of your new home. You may also be asked questions about how you’ve saved your deposit. This might seem a bit nosey at first, it’s one of the ways some lenders consider whether you’ll be able to cope with the financial commitment of a home loan.
Your hard-earned savings will be classified as either ‘genuine’ or ‘non-genuine’ savings. What's the difference between them and what does it mean for you? Find out below.
How much genuine savings do I need for a home loan?
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