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Proof of deposit AND stamp duty.. when?
lizards
Posts: 244 Forumite
I understand that obviously there needs to be proof of deposit. However, at which point does this happen? Does the bank need to see it when you apply for an agreement in principle? Or does it only happen once you have had an offer accepted and the full mortgage application is underway? Or somewhere in between?
Similarly the funds to pay stamp duty. Obviously a deposit needs an audit trail (we've no issue with that, the funds are currently there) but does stamp duty too? Does anyone check the source of stamp duty and if so, when? Does anyone care if the stamp duty is from loans/credit cards? (I understand the whole affordability issue here, trust me when I say it would only be a very very temporary measure perhaps brought about by an emergency housing crisis and not having immediate access to future guaranteed funds!)
At this stage this is all entirely theoretical as we have no idea when we would be moving but to have the answers to these questions would help with our future decisions and planning!
Many thanks!
Similarly the funds to pay stamp duty. Obviously a deposit needs an audit trail (we've no issue with that, the funds are currently there) but does stamp duty too? Does anyone check the source of stamp duty and if so, when? Does anyone care if the stamp duty is from loans/credit cards? (I understand the whole affordability issue here, trust me when I say it would only be a very very temporary measure perhaps brought about by an emergency housing crisis and not having immediate access to future guaranteed funds!)
At this stage this is all entirely theoretical as we have no idea when we would be moving but to have the answers to these questions would help with our future decisions and planning!
Many thanks!
0
Comments
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My bank (HSBC) didn't care to see my deposit or whether I had funds for the stamp duty. They only wanted to see that I could make the repayments.0
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Normally requested by solicitor prior to exchange of contracts.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
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mine asked to see 3 months bank statements from all bank accounts including savings when applying for mortgage,
they did not ask for proof of anything at AIP stage
our solicitor will not take CC payments for anything
I suppose they all have different criteria , its always best to ask0 -
Thanks all! That's good to know. It would be frustrating to release funds in order to apply for an AIP only to be turned down, although hopefully that wouldn't be the case but I guess you just never know. Knowing what money needs to be where and when is pretty important for our planning!
I have another question but it's unrelated to this one so I'll pop it on another thread.0
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