When exactly do I need the full deposit?

Newbiebuyer2016

We paid our full deposit before we exchange so 5 weeks after application. Then the completion statement which was the following weeks for rest of fees.

We paid lenders fees at application (£200)
We also had to pay search fees upfront (£300)
We also paid £500 to mortgage broker on application.

As others have said I'm not sure how your going to get all your fees in one month?

Is there someone who will lend it to you in advance of August pay day?

kingstreet

mparter wrote: »

Sorry for hijacking the thread but it's a related question. How do you prove the deposit if its coming from the sale of your existing house?

You don't have to...

rex28

Is there someone who will lend it to you in advance of August pay day?

There is someone who potentially could, if it was needed.
But then would I need to declare this as a loan at time of application?

jorpati

Newbiebuyer2016 wrote: »

We paid our full deposit before we exchange so 5 weeks after application. Then the completion statement which was the following weeks for rest of fees.

We paid lenders fees at application (£200)
We also had to pay search fees upfront (£300)
We also paid £500 to mortgage broker on application.

As others have said I'm not sure how your going to get all your fees in one month?

Is there someone who will lend it to you in advance of August pay day?

I was about to ask samething how is OP going to manage the additional money...but OP did mention they have £5k net income!!! and £1.7k expense they may have requried money in next two months.

I am also buying a house for £280k with 10% deposit (in the process at the moment).. and I need £35,640 in total cash
deposit, stamp duty, building survey, solicitor fee, mortgage arrangement fee, mortgage advisor fee.. ( moving cost not included)

If rex28 just want to get the deposit ONLY ready then they should be fine in month time... but you can see you still need £7,640 on top of the deposit and I hope you have done the calculation already.

MortgageMamma

You are worrying for nothing... you know you'll have all money in 6 weeks or so, you have a relative who will back you Up....don't pay for searches until you have offer, that can buy a bit of time. Make sure whoever you are buying from isn't in a rush, keep control of the process by stipulate exchange of contract after July payday. As an extra fail proof select a lender who is happy to accept a gifted deposit in case you have to borrow a wee bit at completion.

Above all, protect yourselves by using a professional to advise on and arrange your mortgage.

MortgageMamma

Sorry for typos and pigeon English trying to acclimatise myself to a tablet device without a proper keyboard