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Mortgage deposit - amount left over
Currently going through the mortgage process and at enquiries and searches stage. We are putting down a 5% deposit saved in a LISA however due to the interest that is being accrued monthly we currently have around £500 more than the amount required. What will happen to that money when the solicitor requests funds? Does the extra stay in the LISA, does it get sent to the lender if so does it count towards my overpayment limit or does the loan amount drop? Does it move to the solicitors and go towards the final bill?
Comments
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You have 2 choices - you either ask for the full amount to be transferred or you can ask your LISA provider to only send X amount, and the rest will remain in the LISA. With the latter option, you will then have the same withdrawal penalty if you take that remainder out before 60.
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