Applying for a mortgage before full deposit saved?

ryanm8655

Thanks for the replies - really helpful. I think I’ll just wait until April assuming it is still available. I’m away for a couple of weeks in any case at the end of March.

On the sourcing of the deposit - do they still delve into that if you’ve had it a while?

A chunk of it was inheritance years ago and topped up with some of my own money. The remainder will be my own money. I assume I’d need to get a copy of the will or something? 

Think I’ll do a proper statement of affairs and work out exactly what I can save and by when.

Are the conveyancing fees paid upfront or at the end?

Not sure re: chain but will find out.

Thanks,
Ryan

RyanAnon

ryanm8655 said:

Thanks for the replies - really helpful. I think I’ll just wait until April assuming it is still available. I’m away for a couple of weeks in any case at the end of March.

On the sourcing of the deposit - do they still delve into that if you’ve had it a while?

A chunk of it was inheritance years ago and topped up with some of my own money. The remainder will be my own money. I assume I’d need to get a copy of the will or something? 

Think I’ll do a proper statement of affairs and work out exactly what I can save and by when.

Are the conveyancing fees paid upfront or at the end?

Not sure re: chain but will find out.

Thanks,
Ryan

Can only speak from my experience so far.

My partner received inheritance 6 months ago and they want a full trail which is a bit of a headache.

I'm only contributing £5k and they're questioning loads of incoming transactions into my bank account. Ultimately the buck stops with them as it's them it would come back on if in the future it was found there was money laundering going on. 

I guess it depends how much you're talking as well but they'll most likely want to see where it's all come from. 

Conveyancing fees - we've just paid for our searches to be done (approx £300), but I believe the majority of the fees are paid on completion. 

Just note stamp duty too as we're being hit by that with it dropping to £300k for FTB. 

ryanm8655

RyanAnon said:

ryanm8655 said:

Thanks for the replies - really helpful. I think I’ll just wait until April assuming it is still available. I’m away for a couple of weeks in any case at the end of March.

On the sourcing of the deposit - do they still delve into that if you’ve had it a while?

A chunk of it was inheritance years ago and topped up with some of my own money. The remainder will be my own money. I assume I’d need to get a copy of the will or something? 

Think I’ll do a proper statement of affairs and work out exactly what I can save and by when.

Are the conveyancing fees paid upfront or at the end?

Not sure re: chain but will find out.

Thanks,
Ryan

Can only speak from my experience so far.

My partner received inheritance 6 months ago and they want a full trail which is a bit of a headache.

I'm only contributing £5k and they're questioning loads of incoming transactions into my bank account. Ultimately the buck stops with them as it's them it would come back on if in the future it was found there was money laundering going on. 

I guess it depends how much you're talking as well but they'll most likely want to see where it's all come from. 

Conveyancing fees - we've just paid for our searches to be done (approx £300), but I believe the majority of the fees are paid on completion. 

Just note stamp duty too as we're being hit by that with it dropping to £300k for FTB. 

That's helpful and another thing I hadn't considered. Thanks!

Devlin1976

housebuyer143 said:

Lastly, you can't pay stamp duty or conveyancing fees on credit card.- they just don't allow it, so do not rely on this. You also can't borrow it without declaring it and then the solicitor will require additional checks on that person. 

Our conveyancer wasn't bothered that we borrowed some money to pay the stamp duty. They only stipulated the payment had to come from my account and they didn't request a paper trail.

bell2020

Our estate agent wouldn’t list the property we are buying as SSTC and take it off the market until proof of funds were shown and DIP. They also couldn’t release the sales pack to solicitors until then either