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  • FIRST POST
    • jehangir
    • By jehangir 3rd Oct 17, 9:17 PM
    • 131Posts
    • 8Thanks
    jehangir
    House deposit sorted out before finding house.
    • #1
    • 3rd Oct 17, 9:17 PM
    House deposit sorted out before finding house. 3rd Oct 17 at 9:17 PM
    A quick and maybe strange question concerning my deposit for a house purchase .

    Is there anyway of having my finances / savings looked over so I know the exact amount can I use as a deposit on a house purchase (possibly at auction ) ?

    I am a first time buyer and quite an anxious person so would like everything organised beforehand rather than having the stress of proving / supplying the information to a deadline and losing out on a purchase .

    Most of the money is in my Natwestsoletrader account but the rest is from personal savings/isas which I have been juggling for the last 5 years for the best interest rates .


    Any advice would be much appreciated.
Page 1
    • Richey_
    • By Richey_ 3rd Oct 17, 9:21 PM
    • 233 Posts
    • 258 Thanks
    Richey_
    • #2
    • 3rd Oct 17, 9:21 PM
    • #2
    • 3rd Oct 17, 9:21 PM
    Have a look at mortgage guides which will explain the process but bes5 to start applying for a decision in principle with a bank / broker. Give you a price ceiling before finding a property and making an offer.
    If unsure speak to somebody with experience or reading a banks guide
    • Richey_
    • By Richey_ 3rd Oct 17, 9:34 PM
    • 233 Posts
    • 258 Thanks
    Richey_
    • #3
    • 3rd Oct 17, 9:34 PM
    • #3
    • 3rd Oct 17, 9:34 PM
    Frustratingly looking at your previous posts you have asked similar before and gone as far as obtaining a decision in principle with Nat West and sought broker opinions.

    You know already how this all works and are looking to waste people’s time
    • glentoran99
    • By glentoran99 3rd Oct 17, 9:37 PM
    • 4,672 Posts
    • 3,703 Thanks
    glentoran99
    • #4
    • 3rd Oct 17, 9:37 PM
    • #4
    • 3rd Oct 17, 9:37 PM
    A quick and maybe strange question concerning my deposit for a house purchase .

    Is there anyway of having my finances / savings looked over so I know the exact amount can I use as a deposit on a house purchase (possibly at auction ) ?

    I am a first time buyer and quite an anxious person so would like everything organised beforehand rather than having the stress of proving / supplying the information to a deadline and losing out on a purchase .

    Most of the money is in my Natwestsoletrader account but the rest is from personal savings/isas which I have been juggling for the last 5 years for the best interest rates .


    Any advice would be much appreciated.
    Originally posted by jehangir

    why do you need someone to tell you how much money you have?
    • davidmcn
    • By davidmcn 3rd Oct 17, 9:41 PM
    • 5,919 Posts
    • 5,671 Thanks
    davidmcn
    • #5
    • 3rd Oct 17, 9:41 PM
    • #5
    • 3rd Oct 17, 9:41 PM
    I am a first time buyer and quite an anxious person
    Originally posted by jehangir
    Buying at auction seems an excellent idea then!
    • zx81
    • By zx81 3rd Oct 17, 9:42 PM
    • 13,618 Posts
    • 14,073 Thanks
    zx81
    • #6
    • 3rd Oct 17, 9:42 PM
    • #6
    • 3rd Oct 17, 9:42 PM
    If you send me half, I can probably run the calculations for you...
    • Debtslayer
    • By Debtslayer 4th Oct 17, 7:20 AM
    • 390 Posts
    • 543 Thanks
    Debtslayer
    • #7
    • 4th Oct 17, 7:20 AM
    • #7
    • 4th Oct 17, 7:20 AM
    In June you posted you had a deposit of 100k, but now you're asking how much to use as deposit?
    You also said you had received mortgage offer.
    Not sure what information you're seeking from this latest question?
    Current Mortgage 01.09.17 £113,949.32
    MFW Start Mortgage: £114,794.64
    Current MED: 2036 Target MED: 2026
    Overpayment Target for remainder of 2017: £2,000
    Mortgage overpayment savings: £473.20
    MFW No 124
    • jehangir
    • By jehangir 4th Oct 17, 9:20 AM
    • 131 Posts
    • 8 Thanks
    jehangir
    • #8
    • 4th Oct 17, 9:20 AM
    • #8
    • 4th Oct 17, 9:20 AM
    Hi , sorry for the confusion I should have made myself more clear .

    I have received an mortgage in principle using the money I have in my Natwest soletrader business account as a deposit .

    The issue is that the houses I have been looking at are about 20% more than the offer , the only way to make up the difference is to increase
    my deposit money using money saved in my ISA / personal account.

    My concern is that I have been changing bank accounts / transfering the money over the last 5 years
    for the higher interest rates - would this be an issue .


    I was wondering if there was a solictors procedure for " proof of funds " before I have found a property so there is no hold up.

    thanks
    • Rambosmum
    • By Rambosmum 4th Oct 17, 10:36 AM
    • 1,472 Posts
    • 1,922 Thanks
    Rambosmum
    • #9
    • 4th Oct 17, 10:36 AM
    • #9
    • 4th Oct 17, 10:36 AM
    Yes you need to provide three months of bank statements from all accounts which your deposit is coming from, if you have transferred money during that time, you'd need to provide statements from the account you transferred from as well as the account the money is now in.
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