At what point do I need to pay mortgage deposit?

[BelfastSmile]

DH and I are buying a house. We have an appointment with a mortgage advisor next week. I think we need to show him that we have enough money for the deposit, but do we actually have to give him the money then and there? I assume we wait until it's approved?

I have money coming in soon (couple of weeks' time), but until then I don't have enough in my account and would have to transfer it from my savings if we needed to pay it - just not sure whether I need to do that.

At contract exchange normally

You pay your house deposit at exchange of contracts, is that what you meant?

10% on exchange, the rest on completion. But yes they may need to see it in your account straight away.

The deposit doesn't go the mortgage advisor, it goes to the solicitor.

Thanks. The person we made the appointment with said something about needing to show that we had the deposit when we see the Mortgage Advisor, so I can show him my savings account.

By the time we exchange, the money that's coming in should be in my current account, so I can use that.

You have to prove you have the deposit both so the estate agent can tell the seller you are proceedable and do the mortgage lender can tell you can afford the purchase price. You also have to prove where the money came from due to money laundering regulations.

@Comefromaway thanks.