when do I actually need to have all my deposit in one account?

lkmc01

Hi

We are first time buyers.We have put an offer in on a house at 85,000 and it has been accepted. We have 21,250 deposit (25%). We have had a range of mortgage appointments recently and have one on Monday with Nationwide which we hope to go for. The thing is that the deposit is currently spread around 4 regular saving account and an instant access account. I am writing to the banks today to get my money back. 2 of the accounts I can access my money and get interest to date and the only 2 I can access my money and get no interest, but they have only been open a few months so the interest for both of them is less than a tenner each.

Question is, in the whole process when do I actually have to hand over my deposit and how is this done?

CLAPTON

your solicitor will want the money before exchange of contracts
they usually actually ask for it when you sign the contract.. the actual exchange is usually a few days later.

lkmc01

So when do you think we need to sign the contract?

lkmc01

Do you think its wise for me to get all the money together now?

smcqis

If you are at that stage close to exchange (within couple weeks) then i would start putting it together all in one account with best interest. Why do you have it in 4 accounts? surely the best interest rate account should have it all??

lkmc01

its 4 regular savers account. The money has been dripped fed through