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Mortgage deposit
Whatnow75
Posts: 2 Newbie
Just after a bit of advice.
How much deposit does my buyer need to pay on exchange? Is it usually 10%.
I am buying a new build and need a 5% deposit on exchange but if my buyer only pays 5% i wont have enough money for the deposit having to then find another 8K. However if she pays 10% then i have the all the money for my deposit.
How much deposit does my buyer need to pay on exchange? Is it usually 10%.
I am buying a new build and need a 5% deposit on exchange but if my buyer only pays 5% i wont have enough money for the deposit having to then find another 8K. However if she pays 10% then i have the all the money for my deposit.
Are we able to pay different deposit % or do we have to pay the same amount?
TIA
TIA
0
Comments
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What you're talking about is the contractual deposit (which has nothing to do with mortgages). I think you can ask your buyer to pay 10% even if you're paying 5% on yours, but speak to your solicitor about it.
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