Deposit

Batchy

Just out of interest, I was wondering, when proceeding with a mortgage, can your DEPOSIT be in say 6 different bank/ investment accounts for mortgage purposes?

Im just asking as say you have ISA's Monthly accounts and ISA S&S's accounts, along with instant access and current accounts making up the money you class as a deposit. would it be a problem if i was all split say 5k here and 3k there and 10k there...?

At what stage should you need to bring it all together... maximising earning potential to the last reasonable moment.

Cheers

TonyMMM

Your solicitor will need your deposit to be paid over on exchange of contracts - they will tell you when and how much they need.... until then you can keep it in as many accounts as you want, as long as it is accessible when the solicitor asks you for it.

Cannon_Fodder

Yes it can, up to a point.

Some savings accounts won't let you tranfer direct to the solicitor - it has to go via the linked current account. In which case gather the deposit in the current account in the days ahead of being needed.

S&S might take a little while to close down funds and credit your account. Check the Ts&Cs on the S&S ISA.

The amount involved may be worth using CHAPS transfer, to reduce loss of interest - but there's a fee involved, around £30.

If you don't CHAPs, you need to build in enough time to allow the funds to clear. This might vary with solicitor systems, so make sure you understand their expectations.

Better to lose a couple of days interest, than scupper an exchange/completion that results in contract penalties, perhaps?

Batchy

I agree and many thanks for clarifying this for me... this knowledge only comes with experience... many thanks :-)