Timing between offer and mortgage app

devildolly5

Hi All

My partner and I are looking to buy a house very soon. We have a decision in principle from Nationwide (credit check etc). We have 90% of the money for the deposit.

I am selling some shares to top up the deposit and pay for fees etc. When I sell them, they are paid into my salary the following month, so I am looking at the end of November before we have all the cash available.

We are viewing a few properties in the next few weeks. I was just wondering, if we saw a house we really like within budget, are we causing uneccesary issues by putting an offer in but not doing anything until the share money is through, or should we put an offer in anyway.

Some of it probably depends on how quickly the seller will want to move, but just wanted some advice from people who may have dealt with this sort of situation before. DIP valid until end of Dec so keen to start looking now.

Thanks for any advice

StuC75

a standard purchase can take between 8-12 weeks anyway depending on the size of the chain involved..

as long as you have the money upfront for the searches \ applications and statements showing where the remaining deposit is it shouldn't be a problem..

The DIP doesn't really mean much at this stage, since full application would still be needed..

amnblog

in all likelihood a sale agreed now won't happen until December.

Valuers are very busy and that is causing delays.

devildolly5

Thanks
That was really helpful.

Palookaville

I put an offer on a house in August and had to give 45 days notice to raise the deposit money. Hoping to complete in next few weeks and now have the money so I wouldn't worry about it.

kingstreet

Your mortgage lender may require proof of deposit at the point of submitting a mortgage application.

It's one of our compliance requirements too, so expect brokers to want it as well.

ethank

I put in an offer in May knowing that my Bonus was payable end of June.