Vendor Paid Deposit

ljp507

We might have to try.

I wanted to wait until payday (end of the month) to clear off and close my flexiloan so that it doesn't count against us. If we applied before the deadline do we have to prove that we have our share of the deposit straight away or could I juggle money and use some of the deposit to clear the loan then put it back at the end of July?

R6Nick

Definately not, understand why its being pulled as im sure that goes on.

I was just suggesting that from the clients point of view, it is there to take advantage of now?

kingstreet

ljp507 wrote: »

We might have to try.

I wanted to wait until payday (end of the month) to clear off and close my flexiloan so that it doesn't count against us. If we applied before the deadline do we have to prove that we have our share of the deposit straight away or could I juggle money and use some of the deposit to clear the loan then put it back at the end of the month July?

Don't worry about clearing stuff before you apply. The Halifax system asks you to enter details of credit which will continue after the new mortgage starts and credit which will end before, or within six months of the new mortgage start date.

You won't get extra credit for clearing it now. Keep the money as proof of your deposit, if needed.

kingstreet

R6Nick wrote: »

I was just suggesting that from the clients point of view, it is there to take advantage of now?

Yep. Until Monday afternoon.

What I said about the estate agent/surveyor thing is the reason I'm being told it's being pulled. One bad apple 'n all that.

ljp507

kingstreet wrote: »

Don't worry about clearing stuff before you apply. The Halifax system asks you to enter details of credit which will continue after the new mortgage starts and credit which will end before, or within six months of the new mortgage start date.

You won't get extra credit for clearing it now. Keep the money as proof of your deposit, if needed.

Thats good then, thanks.

R6Nick

kingstreet wrote: »

Yep. Until Monday afternoon.

What I said about the estate agent/surveyor thing is the reason I'm being told it's being pulled. One bad apple 'n all that.

Its a shame, if it wasn't for this deal then my partner and I wouldnt have been able to afford our first house, it would have added an extra £100pm to the mortgage. We aren't setting our sights high here, borrowing a third of what Halifax would have lent according to the agreement in principle....I dont know how people can afford to borrow such ridiculous sums.

Well I hope you get your mortgage sorted ljp, im assuming you are in a similar position where the gifted deposit is crucial.

ljp507

Thanks, I hate to feel rushed with something so major, but it might be the difference between getting the house we want and it being gone when we have our own deposit.

R6Nick

Im the same, like to research things and make extremely informed decisions (much to my girlfriends annoyance!) before buying into anything so I see what you're saying. We're going to be on a two year fixed anyway so I guess you can always change after that?