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loan against exchange deposit

eurodiver

eurodiver Posts: 2 Newbie

15 April 2009 at 7:28PM in Loans

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)

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Comments

nomoneytoday Posts: 4,871 Forumite

16 April 2009 at 10:10AM

Can't you wait until May 7th instead and then spend the money?

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Rafter Posts: 3,850 Forumite

16 April 2009 at 10:16AM

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.
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Typhoon2000 Posts: 1,169 Forumite

16 April 2009 at 10:24AM

That deposite will go towards paying off your mortgage first, so you dont actually have any money till the mortgage is settled.

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eurodiver Posts: 2 Newbie

16 April 2009 at 3:07PM

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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