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Exchange, Completion and deposit
Angry_Bear
Posts: 2,021 Forumite
My mortgage offer came through yesterday (woohoo!) and now I'm trying to work out the details of what happens next.
We've got the bulk of our deposit in a fixed savings bond that matures on Aug 13th. I gather that normally on exchange 10% deposit is handed over, we only have about 5% outside of the bond.
We were hoping to exchange a little into Aug and then complete as soon as the bond matures (14th). How likely/unlikely/unusual is it to ask for an exchange deposit of 5% rather than 10%?
We've got the bulk of our deposit in a fixed savings bond that matures on Aug 13th. I gather that normally on exchange 10% deposit is handed over, we only have about 5% outside of the bond.
We were hoping to exchange a little into Aug and then complete as soon as the bond matures (14th). How likely/unlikely/unusual is it to ask for an exchange deposit of 5% rather than 10%?
Do you not know that a man is not dead while his name is still spoken?
― Sir Terry Pratchett, 1948-2015
― Sir Terry Pratchett, 1948-2015
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Comments
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That can only be agreed between the solicitors. Better ask yours to put it to the other side.
Make sure you give enough time to get the money from the savings institution to the solicitor to be able to complete on the agreed date.
If the bond doesn't end until 14th August, I wouldn't complete until 28th, just to be on the safe side.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Angry_Bear wrote: »How likely/unlikely/unusual is it to ask for an exchange deposit of 5% rather than 10%?
Personally I've always had to find 10% on exchange every move I've made.0 -
Thanks for the info, I'll start planning to move a couple of weeks later!Do you not know that a man is not dead while his name is still spoken?
― Sir Terry Pratchett, 1948-20150
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