Question on Deposit

KolaKubsim

Hi, I was wondering if anyone can help me.

We're currently buying a new build property, due to complete on the 30th March.

At the moment we have not saved up the full total of the deposit. We've sent the mortgage provider and the solicitors proof of funds so far. Until we get paid this month on the 27th we won't have the funds. Will it be ok to transfer the funds to the solicitors as soon as we have them or will the bank want some sort of proof of where the full total of funds has come from?? The solicitors have said we will be ok to transfer the money to them on the 27th but I just want to make sure the mortgage and everything will go through ok?

We would have liked another month to save really but the builders ended up pushing our house forwards due to changing the site plan.

ACG

Do you have a mortgage offer?
If you do then there should be no issues.

KolaKubsim

We've nearly got a mortgage offer! Its in the final checks now but the broker has said they're happy to proceed. Just waiting for the official offer.

ACG

If your broker has said they are happy to proceed and your solicitor has no concerns then I would say your fine. Just transfer the funds as a lump sum when asked to and all should be ok.

Jonesy88

When we first saw the house we're in now, it was over budget and meant we were short on the desposit. Every month we had been adding £2k to the house fund and our mortgage advisor was happy that we would be at our target within 6 weeks (2 paydays it worked out) as the sale was atleast 8 weeks away. Our solicitors only requested to see proof of 10% desposit (we were depositing 15% with HSBC) so it was never a problem to them.