Can you find out if you could get a mortgage with a 10% deposit before saving the 10%

matt2877

Hi guys, forgive me if Iam asking a stupis question, but is it possible to go and see a bank/building society and have them tell you wether you qualify for a mortgage with a certain deposit before you actually have that deposit saved, or do you actually have the money before they can tell you.

Iam asking because I currently have around a 5% deposit (trying to save to nearer 10%) and am planning to go and see someone about a mortgage to try n figure out wether I can get one if i get to that 10% mark. Iam trying to plan for the future as I have a baby on the way in December so wanting to have a bit of certainty about where we will be living.

Any help greatly appreciated

ACG

Not as such, they can give you an idea as to how much you can borrow etc but their criteria could change in 6 months and without a credit check being done they cant be 100% sure.

I would say, dont let them do a credit check until you need it to be done - but thats just my opinion.

matt2877

Thanks ACG I kind of thought it might be helpful for them to do a credit check to see if there is any bad credit so I know for the future. When seeing them Iam hoping maybe they will be able to offer be a 95% LTV mortgage, do you know anything about these and where the best place to find them is

sleepless_saver

Why not just find out your credit rating yourself? That doesn't count as a credit check. See "check your credit files" at this link.

pinkteapot

On most bank websites you can put in your deposit and salary and they'll tell you how much they will lend you. This is a really basic check - it doesn't run a credit check (just use the calculator - don't start an application). It's a very rough number showing what they'd lend assuming your credit rating was good enough for them.

In addition to that, check your own credit rating as the previous poster said.

Wh05apk

Getting one credit search done will have minimal detrimental effect, so don't worry about getting one done, at least then you will know that under CURRENT criteria you could get a mortgage.

MagicCats

If you have a mortgage amount in mind then there's nothing wrong with approaching a bank or broker to see if you can actually afford it. If you meet the affordability criteria then you can apply for a DIP, or AIP. This will give you a firmer idea if they will lend (nothing is guaranteed until completion) and you can start looking at property.

Let's assume you have £7k saved but need £10k. If you know for certain you'll be able to save that between offering on the property and completing then you may be able to start the process.

We didn't have our full deposit when we offered, but our solicitor was happy as we had 5 months until completion as we were waiting on our lease ending. She didn't ask for proof of deposit until the week of completion. Every lender and solicitor is different though. Best to be honest as some lenders insist on proof of full deposit at application stage.

DVardysShadow

sleepless_saver wrote: »

Why not just find out your credit rating yourself? That doesn't count as a credit check. See "check your credit files" at this link.

'Your credit rating' is just a fictional imaginary numberwhich is not used by any lender and iit is a total waste of money.

The more appropriate advice is to go to the 3 main Credit Referencing Agencies and get you £2 statutory reports and check for all anomalies.

And get yourself on the electoral register.