Can I up my deposit last minute?

Newme2014

i was accepted for a mortgage a few months ago but I'm still waiting for the solicitors to do all the legal guff, I've since managed to save another £2k (possibly 3 if it takes a few more weeks)
Can I change my deposit amount or is it too late now it's gone through the underwriters? Or should I just overpay as soon as I (eventually) get the property and mortgage?

Senior_Paper_Monitor

If the payment would bring you down below an LTV threshold and thereby qualify you for a better rate then seriously investigate the change - if not then simply overpay after you complete.

Newme2014

Thanks, not sure it would bring it into the next bracket, so will just overpay

Have to admit to having a 'doh' moment reading your reply, that makes very logical sense that my sniffly cotton wool brain couldn't come up with by itself.

dimbo61

Why not hang onto the money for a couple of months in case it is needed to pay for all the little extra that come along in the first few months.
Broadband, council tax, first mortgage payment, insurance and life assurance, etc

Newme2014

I've already got an account for all those bits that always crop up when you move (moved about 14 times in 12 years:eek: still rubbish at all the packing and sorting but have learned a few bits)

Yorkie1

Spend some of it on getting your movers to pack you

amnblog

First ensure your product gives you the facility to make that overpayment without penalty.

Senior_Paper_Monitor

Very valid point amnblog - I had assumed that the OP had already checked this based on his comment .....

Newme2014 wrote: »

Or should I just overpay as soon as I (eventually) get the property and mortgage?

...... but, as most of us know from bitter experience, assumption is the direct route to a CFU !

Newme2014

(Her comment)

But yes, I am allowed to overpay up to 10% without penalty, I made sure of that before agreeing to it.

I'll be doing the moving mostly by myself with a few friends to help, it's looking like I'll have to put 99% of my stuff in storage for a while as the legal doodads might not be sorted by the time my tenancy runs out, back to the parents! (Storage to be paid for with clubcard vouchers:j)