Do i need my deposit when i apply for a mortgage/gift or loan from parent

[shigllgetcha]

Hi there,

I am trying to save for a deposit at the moment but I wont make the even the 10% by the time I want to buy a house (by the end of this year).

My Parents will loan me the money I need to make up the deposit and and stamp duty. (i expect to have 70% or more myself when the time comes and ill continue saving if they offer me a mortgage)

Would a lender expect me to have the deposit in my account when i apply or can I tell them I can come by it when the time comes if I find something to buy.

Or could I just get money from my parents before I applied (id sooner not do this though as thats pushing it alittle when they said theyd help anyway)

Sorry if this is a very green question, ive been reading up alot but some of the finer details are never made clear until the time comes

 

[Yakuza]

I, like yourself, had to borrow from the folks to make up the deposit and stamp duty. It never came up at the bank (other than for them (my folks) to sign a letter stating that they don't have any interest in the house, despite their having put up some of the purchase price) as by the time I had drawn down the mortgage, I had already paid the deposit to my solicitor upon signing the contract to buy the house.

You should be able to get approval in principle (I say "should" as the last time I took out a mortgage was before the crisis) for a percentage of the house price, and your word that you've got the deposit sorted should be enough.

 

[shigllgetcha]

You should be able to get approval in principle (I say "should" as the last time I took out a mortgage was before the crisis) for a percentage of the house price, and your word that you've got the deposit sorted should be enough.

Exactly what I was wondering. thanks