We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Deposit in Full When Applying for Mortgage?
T10xA
Posts: 1 Newbie
Hi,
I've recently had an offer on a house accepted as a first time buyer. For references sake, I am putting a £25k deposit down for the house at £250k, and requesting the mortgage of £225k. The concern I have is that I am two paydays (6 weeks) away from having this total £25k, and I currently have only £21k in my savings. Would I have to wait until all the money is in my account before applying for the mortgage, or can I use my past statements to show that this is possible?
I've recently had an offer on a house accepted as a first time buyer. For references sake, I am putting a £25k deposit down for the house at £250k, and requesting the mortgage of £225k. The concern I have is that I am two paydays (6 weeks) away from having this total £25k, and I currently have only £21k in my savings. Would I have to wait until all the money is in my account before applying for the mortgage, or can I use my past statements to show that this is possible?
0
Comments
-
It's not sensible to be buying a house with zero money left in your account after paying the mortgage deposit. Do you have money set aside for survey, moving costs and solicitors fees? If you're a significant amount off having the deposit ready then I'd wait at least 1 more pay day before putting an application in.0
-
This varies from lender to lender.
Some want proof of deposit upfront. Others leave it to the solicitor to obtain later so that would suit you best.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards