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How long till I need to pay my deposit?

Heisenberg87_2
Posts: 85 Forumite
Me and my partner have found somewhere but are about £2,000 short of being able to put down a 10% deposit. We could easily save this money with a another two pay checks. If we get our offer accepted how long would the process take before our deposit would need to be paid. The seller has bought somewhere and the person he is buying has also found a property. I was hoping it could take up to 8 weeks. Does anyone have a rough estimate, can solicators drag thier heels?
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Comments
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8 weeks would be pretty quick to complete. Lenders do need to see proof of deposit / bank statements from the outset though.
Speak with a broker.0 -
kiddakidda wrote: »8 weeks would be pretty quick to complete. Lenders do need to see proof of deposit / bank statements from the outset though.
Speak with a broker.
Thanks. Great news. I just want it to take as long as possible.0 -
We had to show proof of deposit funds to our mortgage broker at the start of the mortgage application, and our solicitor also requested this. So personally I wouldn't start the process until you have it seeing as mortgage application is usually the thing you do first. We started viewing places about 3 weeks before having the total available, to get a feel for what was out there and to get ourselves known to agents.
I take it you have the extra available already on top of the deposit to pay for solicitor, survey, mortgage fees, stamp duty, removals, etc?Mother, wife, scientist, analyst.
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