Is crypto really the answer to our property problems?

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. It also saves on intermediary fees such as bank transfers and can often be quicker due to the smaller level of intermediation and red tape which then speeds transactions up.” Others aren’t convinced at all – particularly as there are strict money laundering rules around proving how funds for a property purchase have been sourced, even if you cash out first. “This could increase the time the application takes as no doubt the lender will want to perform greater scrutiny over the records and statement available either from the bank or platform that the borrower used.” David Gillespie, mortgage specialist at online broker Habito, adds: “Some lenders would accept cryptocurrency for house deposits such as Halifax, Digital and Barclays but you need to cash out and hold the deposit in a UK bank account. Others – TSB, Skipton and Nationwide – said they might accept a deposit that came from cryptocurrency gains, but “you should be ready to prove that it’s definitely your money, what funded your original investment in cryptocurrency, and that the funds are now held in a UK bank account”. “If your cryptocurrency was sat at a significant gain, this could result in a big capital gains tax bill or even an income tax bill if you are a sophisticated cryptocurrency trader,” adds Cox.