How to pay mortgage deposit

frank3030

This may sound like a daft question. Can I pay my mortgage deposit using my debit card?

ACG

Its usually just a bacs/chaps or faster payments transfer to the solicitors bank account.

ethank

Some solicitors will charge you a fee for using your debit card to cover the processing fee. Mine definitely did. There is more risk to a solicitor using a card transaction than being sent a BACS/CHAPS.

TBagpuss

Check with your solicitor. Solicitors have to keep client account money (money which belongs to you) separate from office account money (bills paid to them and may not be set up to take card payments into their client account.

It's more common to transfer the money by BACS, although you could also pay by cheque, as long as you allow time for the cheque to clear.

lee111s

I done mine by cheque direct from the building society.

vacheron

We sent 4 separate bank transfers to the account provided by the solicitor. As there was a maximum transfer of 25K per account per day we made transfers from 2 separate accounts over 2 days.

Se no point in paying £30 odd quid for an instant chaps payment given the interest rates these days.

pinkteapot

vacheron wrote: »

We sent 4 separate bank transfers to the account provided by the solicitor. As there was a maximum transfer of 25K per account per day we made transfers from 2 separate accounts over 2 days.

Se no point in paying £30 odd quid for an instant chaps payment given the interest rates these days.

My mum has recently downsized and bought her house with cash. Her online banking has a single-transaction limit of £20k but no daily limit. She sent her solicitor ten separate payments rather than pay the chaps fee. :money: