We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Proof of deposit
kez_s
Posts: 802 Forumite
Hi - I don't know a huge amount about mortgages, etc., but I'm learning fast! Can anyone advise what a mortgage provider would want as proof of a deposit and how quickly the cash would need to be available? There is a very high chance of my dh receiving a large redundancy payout and a lot of this will be used as a deposit for a house (approx. 40% deposit) but I don't know what evidence is needed, etc., any help would be appreciated. Many thanks.
~ What's for you, won't go past you! ~
0
Comments
-
You'd need to speak to the lender. I've just got a mortgage through Yorkshire Building Society and they didn't ask for any proof.0
-
Mine did not ask for anything either and that was Nationwide, but im sure other applications they have asked so its not one size fits all.Trainee Building Surveyor
DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013
FINALLY IN MY FIRST HOME!!! WAHOOOOOOO! :beer:0 -
Lender may ask for it, solicitor may ask for it.
No-one may ask for it.
If requested, you will be expected to produce letters/statements showing the source.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
A redundancy pay out would be well documented so as to comply with HMRC requirements.0
-
If he is being made redundant, has he got another job offered, or is your income sufficient for the mortgage required?I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
-
If he is being made redundant, has he got another job offered, or is your income sufficient for the mortgage required?
Not yet, he's been offered a couple of jobs but he's not in the position to be able to do anything yet. We won't be applying for the mortgage until it's all official and a job is secured. Currently just getting all the info we can & what we need etc., so we can put it all into action as swiftly as possible when & if the need arises.~ What's for you, won't go past you! ~0 -
Bear in mind that some lenders might not be prepared to lend on his income during any probationary period.0
-
Bear in mind that some lenders might not be prepared to lend on his income during any probationary period.
Yes, we've thought that could be a possibility, we've a couple of options open to us if a new job has this. Trying to cover every situation and everything we'll need and I wasn't sure of the deposit proof as I was reading on this site about people applying needing evidence of deposits if it was a gift etc.,~ What's for you, won't go past you! ~0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 349K Banking & Borrowing
- 252.4K Reduce Debt & Boost Income
- 452.7K Spending & Discounts
- 241.9K Work, Benefits & Business
- 618.5K Mortgages, Homes & Bills
- 176.1K Life & Family
- 254.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 15.1K Coronavirus Support Boards