Help with deposit please

digitalphase

We have got proof of cleared funds of a 10% deposit, but for the 15% we are wanting, we will not have cleared funds until middle of next month.

Do the mortgage lenders need to see proof of cleared funds before proceeding with application and if so, will authorised overdraft count towards it?

When do they need to 'see' the money, is it just at exchange?

Paige_Turner

We recently completed on a mortgage with Northern Rock and we were in a similar position. They required to see the cleared funds before they would issue the offer.

Luckily my partner's Mum lent us the money in the meantime so there was no delay.

digitalphase

Paige_Turner wrote: »

We recently completed on a mortgage with Northern Rock and we were in a similar position. They required to see the cleared funds before they would issue the offer.

Luckily my partner's Mum lent us the money in the meantime so there was no delay.

OK, thanks, did the proof need to be sent along with the application then?

MissFlip

We used Skiptons and they formally offered the mortgage and never asked for proof of deposit.

digitalphase

Thanks.

We are going to be applying for Santander I believe (going through broker).

sockpuppet

There are some lenders who do not require to see any proof of deposit before the offer is issued (the solicitor deals with this as part of the conveyancing) BUT
Abbey is one of the lenders who do ask for this (and they can be quite fussy too)
You will need to show evidence of the cleared funds in an account and you will also need to evidence where any large deposits have come from.