Mortgage deposit

mhuk01

Having just made an offer for an apartment, I am currently finalizing documents and finances in order to be ready to make a formal mortgage application with HSBC next week. I just a question regarding the deposit: -

My deposit is 75k, made up of 25k from myself and 50k from family (mortgage is around 30k). Should I consolidate the deposit into one bank account before the mortgage application, having my family transfer the 50k they are gifting me into my account, or does this not matter?

Also, if I need to consolidate the funds for deposit into 1 account, is there an account I should open which offers at least some interest? It seems a shame for 75K to not be earning anything throughout the application process.

MarkT1

I am definitely not an expert on this (going through my first mortgage application at the moment) however my deposit is in two different accounts (one savings account and one ISA) and it has been accepted by Halifax, I had to give three months statements showing a build up of funds and a covering letter signed by the bank showing my name and address (my accounts are online so don't get statements through the post), the only difference between me and you is that both of my accounts are in my name, so they may want to see it in your name prior to the application. Hope this helps!