Thursday, 15 July 2021
We made an interesting & slightly awkward discovery in the last fortnight. Due to increasing regulation in the finance sector, residential lenders make more queries than ever about the source of funds for a deposit. It turns out they will not accept funds raised through campaigns like this!
We had previously believed that any spare funds raised (beyond what’s needed for adaptations) could “extend our reach”, to slightly more expensive properties. But it appears that would only be possible if we weren’t ALSO taking on a mortgage. So if we had indeed raised our previous target of £300k, and only needed £100k for adaptations, I’m not sure what we would do with the excess £200k if we couldn’t spend it. Send it back again?!
To cut a long, slightly confusing story short, we are lowering the fundraising target. It’s a very weird situation and we are of course still complete amateurs at this.
Meanwhile, thanks to everyone for the continuing support and for sticking with us. We’re a lot closer to being ready to sell our current house. We’ve had some slight setbacks (including Morgan needing an overnight stay in hospital this week - he’s okay now), but there’s a chance we’ll still be ready to go on the market in September.
Love from all of us, Rob, Sharon, Mo & James
PS Near the start of this journey, Rob had vaguely wondered how frequently criminals might attempt to use fundraising sites to launder money. Based on the above, attempts are perhaps all too common.