agreed in principal

MNM2903

Hi

We have had a mortgage agreed in principal for my partner, we went down this route due to my credit history.

She is a midwife on 22k per year and has it agreed for 98k the property we want is 145k. If we were to put the £500 deposit for the plot as it is not built yet it's going to be ready in a years time does anybody know when we would require our deposit by? We were looking at doing 5% with 5% from bellway aswell and using the 20% from the government.

Thanks in advance

stator

Deposit is usually paid at exchange, which wouldn't be until the house is built. They are often delayed.

kingstreet

Exchange of contracts on a newbuild is normally 28 days from issue of draft contract by builder's solicitor.

That usually means you will be paying your deposit well before the property is built.

Ensure the builder is happy with you paying only 5%, as the usual amount is 10% and you'll have to get your 5% agreed in advance.