Mortgage Deposit Help!

Firsttimebuy1991

Hi everyone!

Do you need to have the full deposit before you can apply for a mortgage? I want to make an offer slightly higher than my agreed MIP because I’m going to lose the house.

I need an extra 2400£ added to my deposit and I shall have this in my end of August payslip.

If I offer the higher amount on Monday to secure the house, will this missing 2400 be an issue? We’re only 3-4 weeks away from the end of the month so wondering how I’ll be able to proceed. Will the bank still approve the mortgage knowing I’ll have the extra 2.4k at the end of this month or should I try to stall with the survey etc

Thank you in advance for help!

scholesfan88

Each lender will probably have different rules, mine required proof of deposit.

[Deleted User]

I am usually happy submitting an application if the deposit can be seen to be coming during the process. If you have been savings £500 a month and you are £1000 short then crack on.

You just might hit a snag if the lender is requesting proof of deposit. Again though, they are sometimes ok with a trend showing it coming in. I had a proof of deposit request with santander, I sent it in £3000 short but a memo showing savings increasing at nearly £2000 a month. They were fine with it.

Firsttimebuy1991

Deleted_User wrote: »

I am usually happy submitting an application if the deposit can be seen to be coming during the process. If you have been savings £500 a month and you are £1000 short then crack on.

You just might hit a snag if the lender is requesting proof of deposit. Again though, they are sometimes ok with a trend showing it coming in. I had a proof of deposit request with santander, I sent it in £3000 short but a memo showing savings increasing at nearly £2000 a month. They were fine with it.

Thank you for the advice! I’ll speak with my mortgage broker. I have been adding 2k-3k every month so hopefully this missing 2k won’t be an issue. The mortgage is with Barclays.

[Deleted User]

I cant think of a single time ive been asked for proof of deposit from barclays.

Mortgage broker should be happy with that level of savings as it will take another 2 or 3 months to actually exchange (unless a new build)

Firsttimebuy1991

Deleted_User wrote: »

I cant think of a single time ive been asked for proof of deposit from barclays.

Mortgage broker should be happy with that level of savings as it will take another 2 or 3 months to actually exchange (unless a new build)

Many thanks! This has given me some relief!

[Deleted User]

I thought your mortgage was with Halifax?

Are you and “firsttimebuyer1991” the same person?