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    • figgyroo
    • By figgyroo 13th Mar 17, 1:50 PM
    • 103Posts
    • 16Thanks
    figgyroo
    How to prove funds?
    • #1
    • 13th Mar 17, 1:50 PM
    How to prove funds? 13th Mar 17 at 1:50 PM
    We have accepted an offer on our house, and are currently looking for a house to purchase. The estate agents are all telling us when we offer we will need to prove funds. How exactly do we do that when the monies are coming from multiple sources i.e. equity from current home (sale price less outstanding mortgage), new mortgage and cash? Do we need to provide the memorandum of sale to prove the sale price, a copy of our current mortgage statement to prove how much equity we have in the house, a copy of a DIP for the new (bigger) mortgage, and a copy of our savings account balance?

    Thanks in advance.
Page 1
    • Guest101
    • By Guest101 13th Mar 17, 1:55 PM
    • 14,480 Posts
    • 14,170 Thanks
    Guest101
    • #2
    • 13th Mar 17, 1:55 PM
    • #2
    • 13th Mar 17, 1:55 PM
    Typically " My solicitor can confirm I have the funding in place"
    • jonmoneybags
    • By jonmoneybags 13th Mar 17, 1:56 PM
    • 291 Posts
    • 246 Thanks
    jonmoneybags
    • #3
    • 13th Mar 17, 1:56 PM
    • #3
    • 13th Mar 17, 1:56 PM
    We have accepted an offer on our house, and are currently looking for a house to purchase. The estate agents are all telling us when we offer we will need to prove funds. How exactly do we do that when the monies are coming from multiple sources i.e. equity from current home (sale price less outstanding mortgage), new mortgage and cash? Do we need to provide the memorandum of sale to prove the sale price, a copy of our current mortgage statement to prove how much equity we have in the house, a copy of a DIP for the new (bigger) mortgage, and a copy of our savings account balance?



    Thanks in advance.
    Originally posted by figgyroo
    dont give anything to the EA, cheeky f88rs
    • figgyroo
    • By figgyroo 13th Mar 17, 5:54 PM
    • 103 Posts
    • 16 Thanks
    figgyroo
    • #4
    • 13th Mar 17, 5:54 PM
    • #4
    • 13th Mar 17, 5:54 PM
    ok, thanks
    • daivid
    • By daivid 13th Mar 17, 6:00 PM
    • 139 Posts
    • 120 Thanks
    daivid
    • #5
    • 13th Mar 17, 6:00 PM
    • #5
    • 13th Mar 17, 6:00 PM
    I don't know if I am in a more trusting part of the country but the estate agent asked how I would purchase, I said mortgage and I had an agreement in principle, and it was left at that. There may be a risk that they could try to bump prices if they know you have a lot more than your offer...
    • figgyroo
    • By figgyroo 13th Mar 17, 6:07 PM
    • 103 Posts
    • 16 Thanks
    figgyroo
    • #6
    • 13th Mar 17, 6:07 PM
    • #6
    • 13th Mar 17, 6:07 PM
    Unfortunately the market is really competitive where I live as there are lots of buyers and a shortage of houses. Most properties are having open days, best and final offers etc. so all of the EAs seem to be asking for this info.
    • boinkit
    • By boinkit 13th Mar 17, 6:14 PM
    • 7 Posts
    • 0 Thanks
    boinkit
    • #7
    • 13th Mar 17, 6:14 PM
    • #7
    • 13th Mar 17, 6:14 PM
    If they know your max. budget, then they might be inclined to get you to spend it all. For this reason try not to tell them too much, and don't get a mortgage through someone that they recommend, or that works out of their offices.
    • sn1987a
    • By sn1987a 13th Mar 17, 9:15 PM
    • 374 Posts
    • 412 Thanks
    sn1987a
    • #8
    • 13th Mar 17, 9:15 PM
    • #8
    • 13th Mar 17, 9:15 PM
    When I made an offer, I gave the EA the DIP and a copy of one of my bank accounts so they could see I had the total amount I was offering, but they couldn't see the extra savings I had for stamp duty, repairs etc.
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