Full deposit before mortgage application?

Martian2035

Hello

If it standard practise to have the full deposit in place before making an offer and applying for a mortgage?

We have a solid and relatively risk-free saving plan which means we will have the deposit required for the house we want in 2 months time.

Are we likely to have problems proceeding at this stage? I don't want to wait 2 months and miss out on the property.

Thanks.

amnblog

Not having the deposit does not stop you offering on a property.

It can however, cause delays with the mortgage process. The Lender is likely to want to see proof of deposit before mortgage offer, and the Solicitor will also want to see the deposit before exchange of contracts.

Thesimdude

Hi,

I work in the industry. Yes this will cause problems from a mortgage perspective. The lender needs is unlikely to approve a mortgage without the deposit in place.

TheSimDude