When do you need to have the deposit?

shell88

Hi,

We are going to be reserving a new build property in the next week or so, this has come around a little bit sooner than we thought and so we are about 3/4K off having a 15% deposit. We don't want to go down the help to buy route.

I guess my question is, when do you actually need to have all of the funds for the 15% deposit? We would have the full 15% in about a month and a half after reserving, is this too late? Do they need to see proof of the whole deposit at the time of applying for the mortgage?

Any help is much appreciated!

tom2205

Proof of deposit may be required by the lender at the mortgage application stage but that is dependent on the lender and what they make to your situation. If they ask for it and you don't have the full amount they may wait until you have it to issue an offer.

You would need the funds available (or at least 10%) at exchange of contracts.

csgohan4

at the time of the mortgage app, lenders only go on the now, not if

ACG

You can probably do it now, but you need t be careful about your choice of lender. Some will not lend until they can see the full deposit, others will be a little more flexible.