Which stage of the mortgage application is the deposit paid & last credit check done?

Malmo

leestafford wrote: »

tbh... I've ran through a few calculations and I need 3k.

I have a settlement figure on a loan of 8k, original loan amount was 11k.

So if I settle that loan and get another 11k one I'll be paying the same and have £3k cash flow to put as a deposit. Magico!

@leestafford, I think you need to do some research on what constitutes a deposit for a mortgage and what general principles apply for acceptable sources of a deposit.

lonestarfan

leestafford wrote: »

tbh... I've ran through a few calculations and I need 3k.

I have a settlement figure on a loan of 8k, original loan amount was 11k.

So if I settle that loan and get another 11k one I'll be paying the same and have £3k cash flow to put as a deposit. Magico!

Your other post says you earn £11500 plus some other streams of variable income. You are slightly tight on income I feel. If you have a loan of £11000 that amount will be deducted from your amount you can borrow on a mortgage. I think they will deduct the total amount of £11000 rather than the monthly instalment but the brokers on here should be able to say.
The Mortage lender will also see the date you took out the loan so they will wonder why you took out such a large commitment so close to applying for a mortgage. They will also want to see evidence on your bank or savings account of how the £3k deposit was built up over time and where it came from such as income or gifts.
They will notice it's appearance in one lump sum. I don't want to be negative and tread on your aspirations but you do need to think this through a bit more.