Proof of Deposit

Ombre17

Hi all,
I'm a first time buyer (and forum poster!) and am part way through buying a flat.  Our mortgage lender has just asked for proof of deposit; I've worked out that from the 1st of August using all of my money I can meet the deposit with about £100 to spare.  However, I'm worried the mortgage lender will be spooked, think this looks too tight and that they will reject my mortgage application.  I'm assuming completion will be in September, at which point I will comfortably have the deposit.  I'm also fortunate to be in a position where my parents have agreed to gift me money to help if I need it, but ideally I want to do this myself. 
Any advice on the following would be great:
- Can I use the money I will have in August/September as proof of deposit, or does it have to be the money I have right now?
- Should I get my parents to sign the gifted money form, even if I don't end up needing this?
- Does it matter if my proof of deposit is pretty much everything I have?  
Thank you!

csgohan4

Ombre17 said:

Hi all,
I'm a first time buyer (and forum poster!) and am part way through buying a flat.  Our mortgage lender has just asked for proof of deposit; I've worked out that from the 1st of August using all of my money I can meet the deposit with about £100 to spare.  However, I'm worried the mortgage lender will be spooked, think this looks too tight and that they will reject my mortgage application.  I'm assuming completion will be in September, at which point I will comfortably have the deposit.  I'm also fortunate to be in a position where my parents have agreed to gift me money to help if I need it, but ideally I want to do this myself. 
Any advice on the following would be great:
- Can I use the money I will have in August/September as proof of deposit, or does it have to be the money I have right now?
- Should I get my parents to sign the gifted money form, even if I don't end up needing this?
- Does it matter if my proof of deposit is pretty much everything I have?  
Thank you!

if lender wants proof, they want it for now and are not interested in what ifs/ future

Does not matter if the deposit is all your savings, but have you factored in other house buying costs?
Gifting from parents is generally fine and they will need to sign a declaration for this

moneysavinghero

What % deposit are you putting down. If it's only 10% the mortgage provider are more likely to get spooked than if it was 25%. Have you budgeted for all the solicitor costs (unexpected costs can occur too) and moving in costs as well as your deposit?

Ombre17

Thanks both.
It's a 20% deposit, it sounds like I should involve my parents so that I can prove I have the deposit now rather than putting the application on hold for two weeks until I will have the deposit myself.  Yes, my salary from 1st Sept accounts for all the other house buying costs, and again my parents are in a position to help.

MovingForwards

Do you have any of the deposit? It's one thing having 90% and needing two wage packets to get the remainder, having demonstrated you have been saving £X for X months / years, another to have no deposit saved yet.