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What stage do you need to show evidence of deposit
WLITC
Posts: 1,029 Forumite
I'm trying to work out my savings plan and establish exactly what size deposit I'll have. At what stage of the mortgage application process do you need to show evidence of the deposit? Is it at the final full mortgage application stage?
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Depends on lender. Some ask for evidence when you apply for the mortgage, others leave it for the solicitor acting for both parties to obtain it, later in proceedings.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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Hi Kingstreet, when you say apply do you mean full application stage once you have found a property? Or early stage when your trying to get a DIP?0
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Sorry should also add that I'd be applying via a MB in case that makes a difference.0
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Mine wAnted to see when applying for full mortgage. Nationwide.0
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What about halifax intermediaries? Does anybody know at what stage they ask for deposit proof?
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My broker informed Nationwide that my deposit was coming from sale of my property and they were fine with that.0
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If you select "equity" as source of deposit, no proof of deposit request is ever triggered.
As mentioned earlier, many lenders do not request proof of deposit at all, they leave it to the solicitor to obtain it later in the process. Halifax is such a lender.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 -
Okay, thats great. I was planning to get a DIP (for all its worth) and then find a property, so that should give me an extra few weeks to save a bit more towards the fees.kingstreet wrote: »As mentioned earlier, many lenders do not request proof of deposit at all, they leave it to the solicitor to obtain it later in the process. Halifax is such a lender.
On a related note, if I was looking to buy say around a Sept/Oct time and its a more complicated application (i.e bankruptcy in credit history) how far in advance would you advise to engage the services of a Mortgage broker?0 -
As early as possible.
You can then roadmap/timescale everything between you.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 -
I had a mortgage with Halifax and never got asked for proof of deposit (deposit was savings).0
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