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loan against exchange deposit

I have sold my house and exchanged contracts and have a completion date of May 7th - is there any way of getting a loan against the 10% deposit my buyer has placed with my solicitor in the mean time (my bank has turned me down due to a poor credit rating)

Comments

  • nomoneytoday
    nomoneytoday Posts: 4,871 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Can't you wait until May 7th instead and then spend the money?
  • Rafter
    Rafter Posts: 3,850 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Doubtful,

    There are still a number of ways that the sale could not complete and the deposit could be refunded.

    R.
    Smile :), it makes people wonder what you have been up to.
  • Typhoon2000
    Typhoon2000 Posts: 1,180 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    That deposite will go towards paying off your mortgage first, so you dont actually have any money till the mortgage is settled.
  • Once all mortgages are paid off, there is more than the deposit to come back to me. I need money now to put down a deposit on a rental property
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