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Lender wants proof of deposit

kay_1
kay_1 Posts: 92 Forumite
edited 28 February 2014 at 11:12PM in House buying, renting & selling
We are currently in the process of a full application. Our lender has asked for proof of deposit. We need £10,500 for deposit but we only have £10,000 in our savings at the moment. We have a standing order for £1,500 set up for the end of each month so will our lender take this into account as they will see that at the end of march we will have the full deposit together?

Comments

  • Shoey1610
    Shoey1610 Posts: 494 Forumite
    Someone more experienced than me will be along soon I'm sure, but I can't help but wonder how you are going to pay all associated costs if you're only just at the point of having deposit in a months time?
  • kay_1
    kay_1 Posts: 92 Forumite
    I work for a firm of solicitors so only have to pay for disbursements, we have already paid mortgage valuation and application fee, no stamp duty and anything else will come out of our monthly wages rather than our savings :)
  • JennGa
    JennGa Posts: 84 Forumite
    Where is the extra 1500 coming from?
    Our deposit is spread across a couple of accounts, hasn't been a problem as we could demonstrate where the money was coming from.
  • kay_1
    kay_1 Posts: 92 Forumite
    It will be from our march wages so isn't actually in an account yet.
  • Shoey1610
    Shoey1610 Posts: 494 Forumite
    kay_1 wrote: »
    I work for a firm of solicitors so only have to pay for disbursements, we have already paid mortgage valuation and application fee, no stamp duty and anything else will come out of our monthly wages rather than our savings :)

    Fair enough :) I'm very new to all this, but would probably just put £500 in to make sure if that was at all possible.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    I imagine the issue is the source not the amount currently. £500 isn't material.
This discussion has been closed.
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