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exchange and complet same day or no deposit
lewolf
Posts: 62 Forumite
Has anyone heard of this?
The bottom of our chain is buying our buyer's house on a buy to let mortgage. This week we got the news that they have to exchange and complete on the same day (they knew all along there has to be 2 weeks notice as our vendor has to book an international move). However, this week they said they couldn't offer a deposit on exchange unless we completed on the same day.
The story we're getting is that it is a stipulation of their mortgage that they can't offer a deposit if their is a gap between exchange and completion.
This doesn't make sense to me as all the monies go to the Solicitor anyway and only get doled out upon completion.
Has anyone come across this?
The bottom of our chain is buying our buyer's house on a buy to let mortgage. This week we got the news that they have to exchange and complete on the same day (they knew all along there has to be 2 weeks notice as our vendor has to book an international move). However, this week they said they couldn't offer a deposit on exchange unless we completed on the same day.
The story we're getting is that it is a stipulation of their mortgage that they can't offer a deposit if their is a gap between exchange and completion.
This doesn't make sense to me as all the monies go to the Solicitor anyway and only get doled out upon completion.
Has anyone come across this?
0
Comments
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Hiya
Something doesn't sound right here.
The bottom of the chain is a BTL but I think that it is impossible to get a BTL mortgage without a deposit.
Perhaps you could do with a little bit more digging ?0 -
izoomzoom wrote:Hiya
Something doesn't sound right here.
The bottom of the chain is a BTL but I think that it is impossible to get a BTL mortgage without a deposit.
Perhaps you could do with a little bit more digging ?
Cheers. I've tried but up against a brick wall. I've requested hard proof that this is the case and been told that it won't be forthcoming!
Apparently the £1K we have now got them up to is as a gesture!!!0 -
Sounds like they are doing a 100% mortgage, which probably won't be a BTL mortgage, though their mortgage status is not your problem.
That being the case, chances are they won't have any money for a deposit. You either accept the 1k token deposit or you all exchange and complete on the same day.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
silvercar wrote:Sounds like they are doing a 100% mortgage, which probably won't be a BTL mortgage, though their mortgage status is not your problem.
That being the case, chances are they won't have any money for a deposit. You either accept the 1k token deposit or you all exchange and complete on the same day.
yes. It looks as if that is the case but we have heard all sorts of tales about them being ready and having drawn down their deposit - then suddenly some strange tale that their Mortgage Lender won't let them give a 5 % deposit unless exchange and complete same day.
We'll have to accept it I guess but I still smell a rat!0
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