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100% Mortgage - Problems Completing/Exchanging?

quietheart
quietheart Posts: 1,875 Forumite
Part of the Furniture Combo Breaker
in House buying, renting & selling
Our buyer has a 100% mortgage.
What are the potential pitfalls?
Should we be wanting to complete and exchange on the same day?
Any advice gratefully received!:confused:

Comments

  • pawpurrs
    pawpurrs Posts: 3,910 Forumite
    1,000 Posts Combo Breaker
    Yes, if they have no deposit at all it is more secure to exchange and complete on the same day as if they were to pull out after exchange there is no money for you to get off them and you would be liable to your vendors.
    Exchanging and completing on the same day can prove to be more stressfull as if there is a problem and you have the removal men allready loaded up................. They could still get a deposit if you want by other means possibly for example the bank that is giving them a mortgage may be able to work something out
    HTH
    Pawpurrs x ;)
  • quietheart
    quietheart Posts: 1,875 Forumite
    Part of the Furniture Combo Breaker
    bumpit up!
This discussion has been closed.
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