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    • lisa88mph
    • By lisa88mph 5th Mar 18, 2:35 PM
    • 187Posts
    • 978Thanks
    New Build Purchase
    • #1
    • 5th Mar 18, 2:35 PM
    New Build Purchase 5th Mar 18 at 2:35 PM

    I need assistance understanding how much of a deposit we need to pay on a house.

    So we are purchasing a new build which will be ready in June.

    Price = £460k
    H2b (20%)= £92k
    Mortgage offer = £332k
    Remaining amount owed by us (5% + extra £13k) = £36k

    The house is not ready til Jun/Jul so we cannot complete until then however we need to exchange this month.

    We have the initial 5% of the deposit ready (£23k) to pay and the H2b element is ready to go too.

    My question is as we agreed to put down £36k towards the house (we had to do this to get the help to buy element and couldn't borrow any more than we have) do we have to put this total down now at the point of exchange or just the 5% deposit of £23k and the additional £13k can be paid upon completion?

    I hope this makes sense.


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    • BradZ
    • By BradZ 5th Mar 18, 2:39 PM
    • 16 Posts
    • 0 Thanks
    • #2
    • 5th Mar 18, 2:39 PM
    • #2
    • 5th Mar 18, 2:39 PM
    Hi Lisa,

    We brought a new build using HTB. We didnt have to pay our deposit until the day we exchanged contracts. I would guess you would need to put your full deposit amount down of £36k.. we paid slighty over the 5% and i mean only by a couple of hundred pounds to round it up and was asked for it all in one go.
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