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  • FIRST POST
    • shell88
    • By shell88 16th Mar 17, 7:39 AM
    • 57Posts
    • 29Thanks
    shell88
    When do you need to have the deposit?
    • #1
    • 16th Mar 17, 7:39 AM
    When do you need to have the deposit? 16th Mar 17 at 7:39 AM
    Hi,

    We are going to be reserving a new build property in the next week or so, this has come around a little bit sooner than we thought and so we are about 3/4K off having a 15% deposit. We don't want to go down the help to buy route.

    I guess my question is, when do you actually need to have all of the funds for the 15% deposit? We would have the full 15% in about a month and a half after reserving, is this too late? Do they need to see proof of the whole deposit at the time of applying for the mortgage?

    Any help is much appreciated!
Page 1
    • tom2205
    • By tom2205 16th Mar 17, 7:53 AM
    • 42 Posts
    • 15 Thanks
    tom2205
    • #2
    • 16th Mar 17, 7:53 AM
    • #2
    • 16th Mar 17, 7:53 AM
    Proof of deposit may be required by the lender at the mortgage application stage but that is dependent on the lender and what they make to your situation. If they ask for it and you don't have the full amount they may wait until you have it to issue an offer.

    You would need the funds available (or at least 10%) at exchange of contracts.
    I am a Mortgage & Protection Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • csgohan4
    • By csgohan4 16th Mar 17, 7:54 AM
    • 3,960 Posts
    • 2,470 Thanks
    csgohan4
    • #3
    • 16th Mar 17, 7:54 AM
    • #3
    • 16th Mar 17, 7:54 AM
    at the time of the mortgage app, lenders only go on the now, not if
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • ACG
    • By ACG 16th Mar 17, 10:20 AM
    • 15,779 Posts
    • 8,072 Thanks
    ACG
    • #4
    • 16th Mar 17, 10:20 AM
    • #4
    • 16th Mar 17, 10:20 AM
    You can probably do it now, but you need t be careful about your choice of lender. Some will not lend until they can see the full deposit, others will be a little more flexible.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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