Mortgage before deposit....??

TheMiner

Bit of a strange one, but would like some advice to see if this is possible - will try to keep it short. Had offer accepted last week - was going to free up some equity on my current flat in order to pay the deposit (discussed with Nationwide, who were happy to remortgage as long as my borrowing didn't go over the mortgage in priciple amount, but can't get in to see them till Friday)

I got an offer for a mortgage on the new place from L + C, but the mortgage they recommended gets taken off the market today (it's a nice one with free valuation and cashback - the rate is good too)

What I am asking is can I apply for the mortgage, without actually having the deposit in place? My credit is ok, the missus is good

The reason for all this is that neither of us is in a chain (part of the reason my offer was accepted) and I'd like to get the ball rolling - or am I being a bit too keen and should get things sorted in order?

happybroker

yes you can, good luck

TheMiner

And the risks...??

happybroker

none if you are getting a free valuation and not paying any up front fees. Watch out for "withdrawal fees" that some are charging if you withdraw from an application but L + C should have gone through all possible and actual fees with you anyway