Exchange on part deposit with Lender asking for proof of deposit

xcvx

Hi all 
We are currently applying through Precise Mortgages due to Adverse credit. They have come back today and asked to see proof of deposit. We are buying a new build (Taylor Wimpey) and have an agreement with their legal team to exchange of less than the full amount with the reamining deposit being due before on or completion. We are looking to exchange on around £10k and our build time is 9 months meaning we have all that time to find the remaining £2,75 which is doable in 2 months. We will then pay the rest then. 
I am waiting for a call from our broker to ask him about this i cant stop worrying about this! Does anyone know if we will be declined due to not having full deposit?
TIA

Thrugelmir

Do you have the funds in hand to effect exchange of contracts? On new builds the developer normally pushes for this to be completed within 28 days. Though the time does slip beyond this. 

xcvx

Sorry I don't quite get the question? We have £10k in our savings accounts between us, but we wont have the full £12,750 in the 28 days between now and exchange. 

csgohan4

I would clarify with your broker who you contacted. However the Lender is different from the developer and they may take a more black and white view in regards to the deposit being available at the time of applications. 

Thrugelmir

xcvx said:

Sorry I don't quite get the question? We have £10k in our savings accounts between us, but we wont have the full £12,750 in the 28 days between now and exchange. 

On exchange of contacts you need to will need to have the required deposit to hand in cash. 

kingstreet

Did you inform your broker you planned to do this? Deposit for exchange of contracts and deposit for mortgage/completion are two different things. Lenders typically want to see evidence of the latter at application stage.

xcvx

@kingstreet Yes we did inform our broker and have it approved by our solicitor with the developers legal team. we will only be less than £2k away and have been saving for the last 6 months so I would hope they can see we will be able to achieve this by 9 months time.