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When to give deposit
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Thank you.
Hows it work when getting a 95% mortgage? I assume I just pay 5% to seller instead of 10%0 -
Your deposit is paid to your solicitor and your solicitor pays it on to the vendor's solicitor.
Nothing goes directly from one party to the other.
The amount or percentage involved does not change this.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 -
You attempt to negotiate a 5% deposit at Exchage instead of 10%.Thank you.
Hows it work when getting a 95% mortgage? I assume I just pay 5% to seller instead of 10%
the seller either agrees, or insists on 10% in which case you find the extra money from somewhere (eg short term loan till the mortgage is released).
Or you pull out citing inability to fund the purchase.0
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