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Deposit in fixed term account- can I apply for mortgage before maturity?
mor500
Posts: 1 Newbie
Does anyone have information on if I can start the mortgage application process before a portion of my deposit matures in its fixed term savings account?
I’ve got about 40% of my deposit in a fixed term account that matures on the 1st July. The rest is in instant access.
So, my questions are:
- Will a lender let you apply before all of your deposit is available?
- If so, is there a set or general timeframe in which you can apply beforehand?
My understanding as a prospective first time buyer is that it usually takes 1-4 months from application to actually handing over the deposit, so in theory, it would only matter if the funds are available for completion (provided proof of funds upon application).
However, I can’t find any information on this online; any insight is appreciated.
So, my questions are:
- Will a lender let you apply before all of your deposit is available?
- If so, is there a set or general timeframe in which you can apply beforehand?
My understanding as a prospective first time buyer is that it usually takes 1-4 months from application to actually handing over the deposit, so in theory, it would only matter if the funds are available for completion (provided proof of funds upon application).
However, I can’t find any information on this online; any insight is appreciated.
0
Comments
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I doubt a lender would even notice what type of account the money is in.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
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They don't even look at your deposit, they just assume that you have the money you say you do or otherwise the mortgage offer is useless.
Your solicitor won't care either as long as it's there for completion.0 -
The more important point would seem to be not making an offer on a property where the seller isn't willing to wait until at least a few days after 1st July to complete...Would be a shame to waste money on legal fees if the seller won't proceed to exchange with your time restrictions...0
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