Can I use Bitcoin as a Deposit?

Almost everyone has heard of bitcoin and cryptocurrency. It is true that not many of us understand the blockchain and how these coins actually work. But what is becoming apparent is that cryptocurrency is not going away. 

With this in mind, many are now asking whether they’re able to use bitcoin as a deposit. The average age of a UK first-time buyer has now climbed to 34. The biggest holders of Bitcoin, having 27 percent of all in circulation, are in the 35- to 44-year-old range.

We’ve done some research into this and found that although there are now crypto-specific products some lenders are open to working with borrowers who have cryptocurrency as a deposit. 

Nationwide, for example, says: “We have received a very small number of requests to accept cryptocurrency as a deposit, which we have generally been able to accept.

“Given the greater complexity of assessing the source of the deposit, any such requests are dealt with on a case-by-case basis.”

Its procedures in doing so, the lender says, “include checking the person has the right to the asset, what funded the source of the investment and where the funds are held now. Only after the source of the cryptocurrency is understood and evidenced would the society consider making an offer”.If you have a considerable cryptocurrency holding and would like us to explore this further, please call our senior mortgage broker Danny O’Keeffe on 0208 364 3444 or use the request a call back tab below to arrange a time to discuss your options.

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