my bank account will be empty after I paid my 10% deposit

putopao

Hi,
i am wondering if it will matter To the lender if after paying my deposit in the property that I will just have around 1,000£ in my bank? FTB here. Thanks. 

hazyjo

Is that grand to include moving costs, solicitors / searches, mortgage fees, survey, etc?

Presume you are not buying somewhere that needs loads of money spent on it and that you don't have to buy white goods, sofas, bed/ mattress etc? 

MovingForwards

All they will care about is you having your deposit and associated fees at the time of the purchase, not many of us have more than £1k in the bank after getting the keys.

You just need to focus on saving up a bit again afterwards.

Slithery

How much do you have in your emergency fund?

I wouldn't even contemplate buying a property unless I was going to have at least £10k spare in savings.

kuratowski

Agreed with the above, what happens when as soon as you move in, you find the oven doesn't work, boiler breaks down and the kitchen sink is leaking?  You'll need to pay for it all somehow.

Darkslider

On the flip side, I had less than £1k after my deposit, solicitors and broker fees all came out at once and it caused no issues. Sure there wasn't any frivolous spending that month but don't listen to anyone that tells you you need at least £10k in the war chest! Sure it's nice to have, but I took a calculated gamble that the house was in good enough shape that I was happy taking the risk of putting a new boiler on the credit card if it turned out I needed one.

NewShadow

Slithery said:

How much do you have iin your emergency fund?
I wouldn't even contemplate buying a property unless I was going to have at least £10k spare in savings.

LOL 

I think we're clearly at very different life stages.

I'm not sure you're aware... but £10k is more than some FTBs entire deposits

hotnoise

My application went in under the understanding that I'd have no money left over after deposit, fees etc are paid. Got the offer a week later with no issues. FTB too.

Thrugelmir

putopao said:

Hi,
i am wondering if it will matter To the lender if after paying my deposit in the property that I will just have around 1,000£ in my bank? FTB here. Thanks. 

What condition is the property in? Do you have basic furnishings and appliances?  

annetheman

Posting in your thread OP to find out how this goes! FTB here too and might have a few grand left over but if I have to pay rent and mortgage the first month (there will be approx 1 to 1.5 month overlap on tenancy notice period assuming I complete beginning of April, which is a tall order) -- I'm definitely going to be below the £1,000 left mark, after £1,700 solicitors, £495 broker, £999 arrangement fee, £625 moving truck! It'll only be for a month but still.

Integrated appliances (fridge, dishwasher, washer/dryer) new build, have sofas, bed, desk, pots and pans etc. That helps but these are things you can get next month/borrow/freecycle for now! I hope it all works out for you  fingers crossed and all the best! 

MoneySeeker1

I had precisely zilch in my bank account after buying my first house. 

That was a worrying situation to be in - and had occurred due to no fault of my own (as costs had - unexpectedly to me - been much higher of buying the place than I'd been told). I was not happy - basically with my solicitor (for not telling me) I'd have to loan out money that was "mine" - over and above what I had expected to. Fortunately it was "loaned out" and not "given out" and so I got it back again later. But my heart was in my mouth at this - despite it not having been my own doing.

Sometimes that's how it happens and you've got to grit your teeth and try and get back some money for "yourself" once you're safely in the house.