Proof Of Deposit

marksoton

Fair enough.

But the point to your original question stands. No.

Jon_B_2

What are you going to do about solicitor fees and stamp duty (if applicable) then?

amnblog

All a bit messy I am afraid Topper, and not handled well by your broker.

I would be surprised if your Lender would allow you to take an advance of salary as deposit.

One of the reason Lenders check source of deposit is to ensure you are not borrowing it.

Your offer may be delayed until you can prove your deposit to the Lender's satisfaction.

If a family member can gift the amount you need to make the gap up, then the lender should be happy with a letter confirming this.

uncreative

^^ Family member with proper gift letter in place.

I find it hard to imagine any employer would advance you this salary. It would interact differently with your tax as it could "put you into 40% bracket" that month. Also there would be a National Insurance difference. Plus, when you leave you would owe them it back, so you would have to work for them forever. Not really feasible I would say.

DandelionPatrol

uncreative wrote: »

^^ Family member with proper gift letter in place.

I find it hard to imagine any employer would advance you this salary. It would interact differently with your tax as it could "put you into 40% bracket" that month. Also there would be a National Insurance difference. Plus, when you leave you would owe them it back, so you would have to work for them forever. Not really feasible I would say.

While it might put OP into 40% tax, or deeper into it if they are already in it, it will all come right once the overpayment is rectified, as long as this does not span the line between tax years.

TopperHarris

amnblog wrote: »

All a bit messy I am afraid Topper, and not handled well by your broker.

I would be surprised if your Lender would allow you to take an advance of salary as deposit.

One of the reason Lenders check source of deposit is to ensure you are not borrowing it.

Your offer may be delayed until you can prove your deposit to the Lender's satisfaction.

If a family member can gift the amount you need to make the gap up, then the lender should be happy with a letter confirming this.

MR ANNBLOG,

Thanks for your very constructive comment. When reading this back and looking through some other posts on here, it appears that some people like to cast doubt or take some sort of pleasure out of down trodding a posters genuine question.

I am more than happy to wait a little longer for the full offer as the exchange is not for another 6 to 8 weeks. Is it possible for the lender to put application on hold for this amount of time?

amnblog

TopperHarris wrote: »

I am more than happy to wait a little longer for the full offer as the exchange is not for another 6 to 8 weeks. Is it possible for the lender to put application on hold for this amount of time?

Not an easy question to answer as we don't know the Lender, nor how long the case has been in already.


Worse case, you just reapply from scratch.


The trickier question is surely keeping the vendor/agent patient.

TopperHarris

My lender has confirmed that their offer is subject to valuation.

My deposit will be completed with this months coming salary.

Valuation will take place in the coming week so hopefully everything will be matter of time now. My solicitor has advised me that they have had very little problems with valuations on the development so far and expects no surprises.