Can You Get a Mortgage with Bitcoin? – 2024 Guide


Bitcoins are somewhat new in the world of finance and they have taken the industry by storm. Although they are new in the industry, they provide several benefits for people to make the most of their investments. However, since bitcoins are new, several brokers and lenders are not aware of the position that they hold.

Though many investors believe Bitcoins are lucrative, the volatile nature of the cryptocurrency and the problems faced in its origin has made the option of buying a property, limited, in the UK.

Bitcoin is a form of cryptocurrency and you will be surprised to know that bitcoin and other similar cryptocurrency have made several people millionaires. Moreover, irrespective of the amount of profit you have made through bitcoins, at some point you are going to sell them off or use it to buy something.

If you are planning to pay off your mortgage deposit, there are a few things that you should know before doing that, to make the most of your income. Go to this URL, to have a deep understanding.

Let us dive deep into whether or not you can use bitcoins for mortgage, and if you can use cryptos to pay off the mortgage completely or as a mortgage deposit.

Can Bitcoins Be Used for Deposit?


The first question that comes to your mind when you hear of paying off a mortgage with bitcoins is, if you can use cryptocurrencies for down payments or mortgage deposit? However, the first thing that you should know is, you cannot pay the mortgage deposit in real cryptos. Though, you can do so, if the cryptos that you hold are converted into sterling pounds. It means you can utilize the profits made through cryptocurrency to pay off the mortgage deposit of your home.

Don’t get too excited, there is more that you should know about. No denying the fact that cryptocurrencies are new, and hence, several vendors find it hard to trust cryptos.

Now, one can wonder, how does it matter to the lender, that from where I get the deposit money from? Explaining a long story in jist; it is all about doing money laundering. Money laundering is a process when a person hides their money that has been gained illegally.

Moreover, the lenders will have to know where the fund that you have paid for the mortgage of your home came from. They do this to ensure that the funds are legal and are earned through legal means. It is harder for them to know the means of money, if the payment is done through cryptocurrency. This is essentially true because such money is usually unregulated. That said, this kind of money is not controlled by regulations or laws, and this category is the riskiest.

Though we are not saying that your Bitcoin was earned through appropriate means, the lenders have to be cent percent sure about the same.

Things You Need to Know When Paying Mortgage Deposit With Your Crypto Profits


If you have gained considerable crypto profits and want to pay off the mortgage deposit out of that profit share, then you will have to explain to your lender about the means through which you got cryptocurrency. Also, you will have to show the process of selling off the cryptos and all essential tax imposed over it.

To do this, you may have to give them bank statements and also statements of the crypto platform where you sold them. Moreover, if you seal with huge amounts of money then you may be asked to involve a forensic accountant in between. They will help find out if any dodgy reporting in the financial transactions took place.

You may also be referred to the crime unit of the financial department of the lenders, so that all required checks are done on the money being paid. This is done to ensure that the bitcoins are squeaky clean and that there will be no issues thereafter. Several rounds of checks may sound scary to you, but don’t worry. If your crypto is not questionable and is above board, there is nothing to worry about.

Moreover, the trend of accepting cryptocurrency is so new that most of the mortgage lenders till now have not set a criteria, regarding, whether they should approve or reject the mortgage applications that they receive. That said, many lenders are making decisions depending on the different cases.

If you wish to get accepted by the lender and that they agree with accepting deposit in crypto, we recommend that you work with a market mortgage broker. The brokers are aware of the industry, and they can easily compare all different deals that distinct lenders are offering and then they can make a judgement.

To be honest, we always recommend our readers to work with the brokers, even if you are not paying with crypto profits. Moreover, hiring one becomes essential when you use crypto profits, since with their extensive experience in the industry, they will know if a lender accepts crypto profits and the terms that they have in doing so.

This way, you will get away from the worries of getting rejected, since it will have a negative impact on your credit score. If such is the case, then getting a mortgage will become more difficult for you.

To be precise, mortgage lenders are also known as superheroes in the mortgage industry, and no one knows what they would do, without one.


That said, to answer your question, mortgage deposits can be paid in bitcoins, though you cannot make a payment directly in cryptocurrency. As said by converting, you can go ahead with the payment. This brings joy to the bitcoin investors, since they can pay off a considerable debt with the profits they earn. You just need to keep one thing in mind that the profits you earn through bitcoin or any other cryptos, you will have to disclose them to HMRC. However, getting cryptos agreed for mortgage is not an easy task, if they are clean they have got your needs covered!