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Proof of deposit
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newyorklover81
Posts: 12 Forumite
Hi
I have been saving since January, only really small amounts but last month a much larger amount - I am buying a new Build and the developer has agreed to me paying the exchange deposit upon completion rather than at exchange of contracts.
The mortgage provider will want proof of deposit build up. I’m only half way to my deposit at the moment, but the time the house is build in June I will have the full deposit. Obviously need to apply for mortgage now to complete exchange deadlines with the developer. Will the mortgage company be ok seeing some build up of deposit but not all of it? (Obviously don’t have the full amount yet but will most definitely prior to completion)
I have been saving since January, only really small amounts but last month a much larger amount - I am buying a new Build and the developer has agreed to me paying the exchange deposit upon completion rather than at exchange of contracts.
The mortgage provider will want proof of deposit build up. I’m only half way to my deposit at the moment, but the time the house is build in June I will have the full deposit. Obviously need to apply for mortgage now to complete exchange deadlines with the developer. Will the mortgage company be ok seeing some build up of deposit but not all of it? (Obviously don’t have the full amount yet but will most definitely prior to completion)
0
Comments
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It will depend on the lender.
Some lenders do not ask for proof of deposit, others will accept you will have it by completion and others will wan tot see it all prior to application.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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