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Exchange deposit and Help to Buy equity loan.
Dharma36
Posts: 2 Newbie
Hi all,
Getting near the end of my first time house purchase. Just been going through all the contracts, deeds etc. I've noticed it mentions a 10% exchange deposit a lot.
This is slightly alarming, as I only have a 5% deposit, and relying on a 20% Help to Buy equity loan to make up a 75% mortgage.
So, my question is, are the HtB funds released to help me make up a 10% exchange deposit, or do I have to hope the seller's solicitors agree to a lower deposit?
Thanks in advance!
Getting near the end of my first time house purchase. Just been going through all the contracts, deeds etc. I've noticed it mentions a 10% exchange deposit a lot.
This is slightly alarming, as I only have a 5% deposit, and relying on a 20% Help to Buy equity loan to make up a 75% mortgage.
So, my question is, are the HtB funds released to help me make up a 10% exchange deposit, or do I have to hope the seller's solicitors agree to a lower deposit?
Thanks in advance!
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Comments
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Check with your solicitor, I asked a similar question as although I'm buying a new build with the help to buy scheme, I am not a first time buyer and don't have a deposit as its all wrapped up in the property I'm selling. It may be just the standard words that are in the paperwork.0
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should only be 5% for help to buy, check with the developer as the contracts may be incorrect0
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It does mention a 10% deposit which you will forfeit if you do not complete on the sale. You are not required to give the 10% deposit to complete (the extra 5% is included within the HTB equity) but if you for any reason you don't complete you will owe the remainder.
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