Mortgage Application Questions - Proof of Income and Deposit

cwcw

For our mortgage application, we are each providing the last 3 months of payslips. Both sets are original documents from large organisations. Are they likely to still need to send off for references from our employers?

Also, we said on the phone the deposit is to be funded with proceeds from sale plus savings. On the form they've sent us to sign, it just says proceeds from sale (which do not meet the deposit alone). Do we need to correct this and add the "plus savings", and if so do you need to send off a savings account statement as proof? Would you need to send current account statements too to show payments into it from salary and out of it into savings to prove you're not a drug dealer? How far does it go?

We're wanting to sort the application first time without any delays, so trying to second guess them a bit. :money:

The_J

Which mortgage company?

Generally I'd say no to references. Wouldn't like to second guess on the deposit. I usually err on the side of don't provide anything unless they ask for it.

cwcw

The_J wrote: »

Which mortgage company?

Generally I'd say no to references. Wouldn't like to second guess on the deposit. I usually err on the side of don't provide anything unless they ask for it.

Britannia.

They've not asked for it but just didn't want to send off the forms only to hear a couple of weeks later that they need more paperwork sending. Want it to go as quick and smooth as possible (living with in-laws in the mean time...)

HappyMJ

cwcw wrote: »

Britannia.

They've not asked for it but just didn't want to send off the forms only to hear a couple of weeks later that they need more paperwork sending. Want it to go as quick and smooth as possible (living with in-laws in the mean time...)

How much deposit as a percentage of the purchase price. The higher the deposit the less stringent they are on sources of deposit. You said the majority is coming from the sale of a house so that should be sufficient. Part of my deposit came from a monthly salary payment the day before completion so I had no way to prove I had the remaining few thousand. After that final payment to the conveyancer I then only had £100 to my name so I then used a credit card to survive the next few months then rapidly repaid the credit card.

Thrugelmir

cwcw wrote: »

We're wanting to sort the application first time without any delays, so trying to second guess them a bit. :money:

Not possible. They'll dig as much as they feel necessary.

cwcw

HappyMJ wrote: »

How much deposit as a percentage of the purchase price. The higher the deposit the less stringent they are on sources of deposit. You said the majority is coming from the sale of a house so that should be sufficient. Part of my deposit came from a monthly salary payment the day before completion so I had no way to prove I had the remaining few thousand. After that final payment to the conveyancer I then only had £100 to my name so I then used a credit card to survive the next few months then rapidly repaid the credit card.

20% deposit. Around £20k of the deposit will be coming from savings.

cwcw

Thrugelmir wrote: »

Not possible. They'll dig as much as they feel necessary.

I know they will, which is why I want to anticipate what they will dig for so they don't have to take long digging.