When do I need proof of deposit?

hrj2922

I’m currently looking at buying a house, considering talking to a mortgage advisor however my deposit is coming from inheritance which has no come through yet. It should be within the next 4 months. Is there any point speaking to a mortgage advisor and getting the ball rolling before I have the deposit money? 

Also, how likely are you to get a mortgage if you have been in a job for a short time? I have a job offer for the police, I start in May, would I be accepted for a mortgage or will I need to be in the post for a while first?

Thrugelmir

No harm in starting to explore your options. Though far too early to be considering buying a property. 

AnalogueNomad

Hi, I think some brokers are happy to give you long-term/getting started advice. A friend of mine got some decent help and pointed in the right direction when he was miles away from a mortgage (literally advice on clearing debt and ISA options) and has now bought a house, with the help of the same broker. I guess the key is finding an advisor that is happy to provide that level of service - looking at the post from haras_n0sirrah's (“ask me anything”), that kind of broker! Rather than one that just wants easy, transactional business. 

In terms of when you’ll need to prove you have a deposit, from what I’ve read it seems hard to arrange a viewing without an AIP and proof of deposit. So, certainly by the time you get that far along. In the meantime, worth doing a wider sort out of your finances...I think being on top of this 6 months before applying is advisable. 

I’m no expert, just chipping in as I think I’m in a relatively similar situation personally. Good luck with it all!