proof of deposit buying a home

dannyp123

For a first time buyer, to apply for mortgage does the bank requires the deposit proof for mortgage application??

what if someone arranges deposit within last couple of weeks (family & friends helping)?? will the bank/soloicitor raise any questions??

macarena123

You normally don't at the point you make the application

Whether the lender needs to see it while processing will depend on the Bank. My lender didn't ask to see it before making the written offer but I know people who've had their lender crawling over their bank statements.

HOWEVER:
1) If any part of the deposit is gifted your solictor will need a letter from your family confirming the source of the deposit and that it's an unconditional gift.
2) Any solicitor worth their salt will need to see proof of funds before they let you exchange. And to be honest, you would be mad to exchange without having all the funds in place to complete as if anything goes wrong you would lose your deposit

ETA:
Also remember that your solicitor will ask for proof of funds for SDLT as well, if that's applicable, since that is also due on completion