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Mortgage Deposits UK - [All you need to know] House Deposit UK
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- เผยแพร่เมื่อ 12 ส.ค. 2024
- Mortgage Deposits UK - [All you need to know] House Deposit UK
Mortgage Deposits - Low Deposit Options, Acceptable Sources and Secrets Revealed
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Timestamps
0:00 Into
1:43 Question
2:09 What is a deposit and how much is required?
3:54 Saving for a Mortgage Deposit
5:00 Why it Source of Deposit it Important
7:30 Acceptable Sources of Deposit
9:06 Evidening you Deposit
10:01 Tips, Secrets and First Time Buyer Schemes to Help
12:20 Michaels Golden Nugget Top Tip
If you think you could benefit from my advice then send me an email to enquiries@progressfs.co.uk
Your home may be repossessed if you do not keep up repayments on your mortgage
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Very informative, great to the point content. You can clearly see where to go to when buying a house
Thank you
Your advice is very much appreciated, information like this isn’t normally free. But you are a good human and are helping many people
Thank you that’s means a lot!
Savings are Coming from my salary straight into a savings account and a help to buy ISA.
Michael great video, I wonder who bought this up with you haha 😆! Again your guidance is spot on mate 👍🏽👍🏽
Haha thought I’d give you a shout out lol
Great video. We have saved 65% of the deposit while 35% is coming from the sale of our second car. Do we need to show v5 or receipt from the car dealer ? Thanks
Inheritance and Savings
Hi, I love your vids, so informative!
Can we use guarantors like parents
Thanks
Guarantors are possible in the form of joint borrowers sole proprietor, but these come with issues and only really help with affordability
Business Account which partly consists Goverment loan scheme
I was looking on the description of this video for a link to your company website, "PFS Mortgages" but I couldn't find it.
Do you have a link to your website?
Oh my god , this is an old video . I hope you see me and answer me . I’m moving to the uk , Newcastle upon Tyne . I’ll be there with my daughter. Now , we have Ben watching tons of videos and base on that we open a savings account in gbp for this reason . Once we move I’ll transfer the money there . In other words we are relocating to the uk and we will have money for a deposit in a house for a value maximum of 100,000 . What the bank will require from us in terms of this account?
Could I borrow more on my very low mortgage balance and use it as deposit for BTL? Any pros and cons 😊. Many thanks
Great video, I have an question. I'm just about to buy my first property however I'm worried about my house deposit. I got a bit of money from my mother passing which I would like to use with my savings to buy a property. The money from my mother passing come from a bank transfer from my brother about 3 years ago. I'm not sure what to do as we don't have the best relationship. Do you have any advice please?
If you have had money from savings coming up 5 years ago let’s say (in bank savings accounts and in a Lisa) that has accumulated to a large amount because you’ve saved for 5-10 years will they look at all the statements from back then? If now the amount of savings in low because of a lower salary - but deposit is high because of accumulating a small amount over many years, will they look all that way back ?
My saving account
Hi
What if some of the deposit came from an unsecured loan , but never used? , this can be evidenced.
This loan could be reduced over the next 3 months , or just save further value of what could be paid off the loan as additional payment. The plan was to purchase a new car for £3800 , this didn't happen in end. Monthly payment is £172 over 24 months.
What are your thoughts?
Great! Concessionary deposit it is.
Do your clients need to live near you or can they be further away? I live in Hull and was thinking I may need your services. Or do you recommend an advisor nearer to me. Thanks - Andy
Ps. first saw you on TikTok and love your live Q&A’s.
No I can certainly help and would be glad too. Feel free to email me michael@progressfs.co.uk
Hello, your videos are the best:)I have question, we have like £30k received from 3 different people from overseas 1,5 year ago( my husband is 52 and borrowed this money years and years back to this people) the rest of the deposit £65 k are our savings, do u think the lender will look this far back? How do I proof that this money were borrowed in the past and returned?😕thank you
Hi Michael, great video, thanks! I have a property with mortgage and have used a lump sum from parents (gifted money) to do some overpayment. When I come to selling the property and then using the sales as the equity to buy another property, do I still evidence the lump sum gifted from parents?
No you don’t need to do that then as the source of deposit is just equity
Hi, can I get a mortgage in principle even though my deposit is locked in to a savings account to late June ?
Hi Alex, part of my salary is a salary advance from my employer.
It’s Michael but don’t worry about that lol! Lender will use whatever your contracted salary is, the advance won’t matter
What if deposit is several cash gifts from family in EU over 3 years from late 2020?
Can car insurance payout from my written off car be used as a deposit pls?
I have lump sums of money going into my back account from selling dogs this goes back like 2 years if I have 50k deposit from this can I just tell them there’s receipts from selling dogs ? Would appreciate any help when I sell a dog they just bank transfer the money straight in my account
I just want to get a clarification about my deposit. I have some money in my bank and my wife got some in her account and I’m receiving some money from one of my friend. Can I keep all the money in one my account? To proof my deposit to the estate agent.
What about I sell my gold ?
now I know
Hello 😊 Would you be able to make a separate video about using crypto currency as a deposit please? How to do this step by step possibly adding this first to ISA? Which lenders are more likely to accept it or reject it? I obviously assume that the crypto tax would be paid and everything would be done in the right way. Any advice appreciated.
Great video!
I have a question please.
Can I use a bridging loan (secured against property or equity in property) as a deposit for an additional property purchase?
Thank you.
Yes if there is enough equity and you have an acceptable exit strategy
Saving from wages
Fantastic video! Very informative and straight to the point. Thank you. I have just transitioned from many years of education into work. This has left me with no savings but I have a reasonable income now. Would you recommend the last option of sourcing for an unsecured loan towards a 10% deposit for a mortgage, and would you be able to help with this? How do I contact you?
Hard to say without knowing your full situation. You need to be income rich to do the loan option. enquiries@progressfs.co.uk
Thank you for your prompt response. Will message you
Hi, we’ve cancelled our holiday and put £3600 of the money into our savings to go towards our deposit. Is this ok?
Hi! I have money sent from my friend from me lending them money ages ago. It’s more than £2,000. And they sent back money to me twice, once across 2 months with the same amount. Is this something that may flag up to the underwriter?
Hi, I want to know i sold my digital gold and the money got transferred into my account about 35k could i use it as mortgage deposit?
I am about to bring 20-25k as a gift from my grandparents from a south asian country. How do I show evidence for it?
A House I was left
Saving money from my wages I also have a help to buy ISA wonder if this changes once I watch the full video
Never heard of concessionary purchase that is the position I am in I want to buy the house I’m currently renting in also love the loan and mortgage trick will have to get more information
Great video. Looking to move home and looking for a new mortgage, am self employed would anywhere accept a 10% deposit or would it have to be 15%?
Plenty offering 10% currently. Your overall situation will dictate if your eligible
Great video Micheal👍🏻Can I get a mortgage for a flat then rent it out whilst paying it off ?
Yes, it would be a buy to let mortgage
What if I have a personal loan in my bank and my own money coming from my salary over a year every month then put both into crypto/stocks then make on a loss overall and withdrew it into my bank. How do I tell which is a loan and which is my own money from my salary?
What about bonuses paid in the last 4 years? I have been saving for the last 4 years from wages + bonuses - I don't have a saving account, one current account only -
Yes you will be able to use your bonus with most lenders, how they assess it and calculate it will depend on each lends policies
I plan to sell my car as a large part of our deposit next year. We also have help to buy ISAs building up.
Would this cause an issue?
No not a problem Sam
Would you class other ways of earning money aside from your main source of income like selling old clothes or drop shipping as savings? or something else. Thanks, Romy
Only if you have declared them to HMRC and can provide tax returns
We are looking into buying the house we are currently renting as we love the house and our landlord is looking into selling next year. My partner’s wages cover the bills, and overtime he will be putting it into savings, the bulk of the deposit will be coming from my student loan and nhs support grant, will this and me being a student who occasionally picks up shifts at the hospital be an issue?
No should be fine, if the NHS is bank work you will need 12months history and they will in all likelihood average it over that 12 months to calculate your income
Unless I’ve misunderstood what’s the reason you can’t get a 5% mortgage on a new build property?
No you’ve not misunderstood. Too much risk of negative equity on a new build to the lender. New builds traditionally DIP in price once bought for a short period of time as they lose the ‘new premium’
@@Progressfs thought it might be something along those lines. Thanks for the reply!
We have £12,000 mainly savings from wages but some is from the self employed covid scheme. We have been sending it to the in laws to hold for us so that we don’t dip into it. Would this be ok?
Can I contact you directly please?
Any advice for a VanLifer who is saving for a mortgage? How would the bank view it?
Maintain a permanent address if you can
Also can you mention where to get insecure loan for house deposit for mortgage. you said there are 2 offering it?
Santander and saffron I think, not 100% on saffron but Santander definitely allow it, but you can’t get the unsecured loan with them
Can you advice further on this or do you have access to this product if I am to go through you?
Alongside a deposit
is it viewed positively if a couple have a joint bank account
with money set aside for household bills?
ready to pay a few months worth of utilities, mortgage payment etc
Cheers
Yes
Inheritance
No problem with inheritance at all
Thanks for the video, very informative. I have a question on type of deposit not listed. I had a down valuation on £10k and am able to cover £4k but the reamaing £6k is a interest free loan from work. Would that be acceptable?
Thanks in advance
Very unlikely but it depends which lender, Santander would accept if affordable but others would say no
I see, puts me in a tricky situation😑
Whats your thoughts on the video, any area I missed?
Great all-round video keep up the good content
Thank you I appreciate that
Just watched this video and made me question something. Just about to apply for a mortgage now but a family member has paid me just over £1000 for furniture which I'll no longer need - leaving the reference as 'furniture' - would this be an issue and cause more questions like you said when a reference is left as it wasn't a gift, I've sold them the furniture I'll be leaving, thanks
You should be fine with that, easily explainable and doesn’t imply borrowing of any kind
@@Progressfs perfect, and will I still need it signed off as if it’s gifted or doesn’t that matter as it’s a purchase rather than actually being a gift. Thanks again!
If it’s forming part of your deposit then yes, if you have enough without it then no
Amazing video thanks so much, my husband and i have around £4000 saved for our deposit its spread over 2 separate help to buy ISA accounts, basically half in each account. We fell inlove with a house that needs a fair amount of work its a 5 bedroom in a really desirable location but because it needs a lot of modernisation its only on the market for £180,000 which is a lot lower than the value of other houses like it in our area. We make a combined income of around 30k a year. Do we stand a chance of being able to get this property or is it still way out of reach for us?
Sounds a bit of a stretch but hard to say for sure without more info
From gambling and matched betting
Hi. What about a private sale of a vehicle ? Thanks
Fine provided you can prove it all with paper trail
My dads lending me the deposit to buy his house but is including it in his house price ?
Might be worth seeing if concessionary works better
Just got paid into my account £30k of owed children maintenance. Will it be ok or will I need a letter from parent paying in?
Should be fine
I have a question.. I sold my friend my old phone but he couldn’t afford to pay it all upfront. He gets paid weekly so he agreed to send me £100 every Monday for 8 weeks. Are they going to question this / is it likely to cause issues? I’m also having a clear out before I buy a house so I’ve got lots of very small amounts being transferred in on my bank statement from things I’ve sold on Facebook marketplace, these range from £10 to £50. Will this also be an issue? Thanks! 👍🏼
No should not be an issue and if asked about it it is easily explained
My deposit is coming from my wages from my job, Personal Independence Payment Benefit and Working Tax Credit which I have been putting in to savings for a while. Also a Help To Buy ISA. Is all those ok to fund my deposit?
Yes all fine those
@@Progressfs ah that’s great! Thanks for replying quickly. 👍🏻
Hello, Michael,
can you help me with a question?
I want to make a mortgage and I have sold my propriety from another country if I declare that I already had propriety and sold it and from there I have the deposit,
this will affect the mortgage APY or lender approval?
thank you
Should be fine with that
ttttrtrtttttttttttrtttt
Which lenders offer a concessionary mortgage
Hi Harry, lots do, too many to mention pretty much all the major banks do.
What lenders accept unsecured loans as deposit ?
Santander is the main one I use
Thanks for the reply :)
Hi great video my friend im polish and i being living here for 6 years already i have 22 years old i i see many house for 64 67 70 80k around england i have a question, its very stupid question but i had yo ask so if i wanna buy house and i put 44% of the value and i have mortgage they will give the keys to live There and i will have to be paying yes? Sorry again for my bad writing btw and for this stupid question.
Not sure I quite understand but if I have understood. Once you complete on the purchase you get the keys not before
@@Progressfs oh okey thanks brother
We have been told due to our age and the fact we were previous property owners we are now not Eligible for a mortgage. We pay ££ on rent each month. Are you able to help us?
Might be able to help, age does effect things but can still get mortgages. The fact you were previous property owner is not relevant at all
Could you please help us? We looked into it earlier on in the year but to look avail. My husband and I are really concerned that we have no investment and are paying someone’s else’s mortgage at a very high rate
Hi Michael, I have a question and would love to know your answer. So borrowed £7.5k about 8 months ago and put it in a S&S ISA, it's grown to £10k since and added another £5k during that time from Income. All through the same bank account and ISA. Can the ISA mo ey be withdrawn to use as a deposit? Struggling to find an answer. Thank you
Yes it has probably been in there long enough now to be classed as savings
@@Progressfs thanks for replying so quick, top man love the videos 👍
No problem, reach out if you want me to arrange it for you when ready
Great video. Me and my husband are planning in a couple of months to apply for a mortgage together. Currently I'm saving for the deposit from my salary each month into my saving account. Can my husband transfer his salary into my saving account for our deposit or do we both need to save seperatley in our own savings account?
No he can transfer it to you
@@Progressfs thank you for replying 😊
I have £3,000 saved at home in a piggy bank, do I need to deposit that in bank and would I need to prove where it’s come from? I’ve been saving for over 4-5 years for that amount for a house
I would pay it in asap. The longer it’s in the bank the better, otherwise it may be difficult to explain
@PFS Mortgages Hi, if that cash is in the bank for over 4-5 months and the lender doesn't see it on last 3 month's statement, do I need to prove it? Also, how long back can solicitor go again 3 months or longer in order to prove that cash
Thanks
Salary
Can you use student loan that has been saved over time for a mortgage deposit?
This is possible but depends how long it has been in a savings account for, longer the better. Some lenders won’t allow it though
QQ- if my brother from Germany transfer me money to the UK as a gift to help me with the deposit, would it be an issue for my mortgage application ? many thanks
Jist need to use a lender that is happy with that scenario and most will be
@@Progressfs many thanks for your reply. ur videos are awesome.
How is the government equity loan paid back?
Hi Katie, normally people remortgage with increased borrowing to but that share back. Or you can save up or if you receive any money from an inheritance or another source. If for any reason you cannot pay it back after 5 years you make a monthly interest fee. Have you watched my video on the HTBequity loan? Its all explained in there.
@@Progressfs thank you! I’ll have a watch of that video!
@@katiemiller8901 no problem, let me know in the comments on that video your thoughts
Hi there. Great video. Can I ask a question? My wife and I pull around 60k a year between us. We have a deposit of £210,000. We want to get a house for around £500,000 ish and we are first time buyers. My credit rating isn't too good but all payments from me have been paid on time. My wife's credit is fine. What would be our chances of getting a mortgage for around the 250k, 290k?
My deposit come from investment portfolio what proof I will need? Thank you
The statements of the portfolio
@@Progressfs all time statement? I have my portfolio araund 15 months
Just some documentation to show the amount you will be using
Hi, good man, Thank you. I have non families and friends who are ready to gift me money for my deposit. is that allowed. they are ready to support with there information
Not many allow but a few do
@PFS Mortgages Great video. I just wonder if that gift stays in the bank for over 12 months, and when you apply, the lender wants to see the last 3 months. Will they accept it then
Thanks
can you use student loan towards deposit?
Hi did you get an answer for this?
@@millwallfan06 I haven't
Can you use left over student loans for a deposit would this be a problem x
Yes if it’s past 6 months since you have had it yes as by then it won’t be on statements
Sorry, so that would be a problem because its not on statements?.
Over the past 5 years ive transfered bits into my LISA. X
No won’t be a problem
Do mortgage lender "Front Load" in the UK? Ie you pay more interest than capital in the first say 12 years on a 30 year term? Of is this practise NOW illegal?
The reason for asking is if we renew our mortgages every 2 years with a different lender to get a better deal, does the clock of interest loading at the start restart?
Hi great video! Me and my boyfriend are buying a house! He is the one who has saved up the whole deposit and has it all in his account. Will the solicitors also ask me for proof of funds or just him as he has the entire deposit ?
Just him if that’s where it is
Anyone know more about how likely banks will accept sale of cryptocurrency to profits (within capital gains limit). Most of my deposit will be monthly savings over years into cash/isa as well as parent gift of cash too saved over years. However I am worried that 1/2 of it is sale of crypto- all legally obtained 4yrs ago via own money and sold recently from reputable exchange...however it hasn't been 3 months in the bank account which I heard banks need as proof its yours? I would prefer not to wait 3 months and delay my housing search...
Some accept crypto some dont, so use a broker to be safe you go with a lender who is fine
Me and my partner have opened up a Lifetime ISA each. We will be saving for 3 years, so hope to save £15000 in each, will this be acceptable? Can we use both for the deposit?
Yes great idea. Can pay in £4K a year each and then get the bonus so £15K each after 3 years
@@Progressfs can we both use our LISAS for the same deposit? Was worrying they would only allow us to use one of them?
Yes
Also one more question, we are in the process of paying debts, most should be done and dusted in 3 years, but a few I’m on a payment plan for at a very minimal amount, is this a negative factor? Do they include the whole debt in the decision or just what you are repaying? Thanks
@@lucylocket5774 just what you are paying but is a negative factor if a debt management plan so try and clear it before you apply
Paused comment : The money from the sale of our old flat and a gifted amount from the inlaws.
After watching. Comment.
Defo our own funds from sale of old flat and the inlaws gifted monies. As there half in the property with us.
Great video Michael. Very informative. 👍
Cheers again dude.
My deposit is coming from money I’ve saved from my salary
We are saving through salary straight into savings, currently living with the in-laws to help get as much as possible - Stupid Dad Club
Haha I take it that was a timely video then? Did you find it useful and informative?
@@Progressfs certainly is! Your videos are so informative and helpful, appreciate all the advice and when we are ready to buy we will 100% be coming to you
@@martinbloor7534 thankyou and no worries at all