Exchange deposit - HTB

Tonyw193

So when i read last night that there is a mortgage deposit and an exchange deposit i almost had heart attack. Although after a bit further reading they are more or less the same thing. 

I'm looking to purchase with a HTB ISA, so wont actually see the bonus. I was wondering if anyone has managed to arrange a lower exchange deposit?
Or if not could someone help me out and explain how this would work. 
My deposit is £17,500. 
This comes from
£14,925 savings 
£2,575 bonus

If if i was unable to agree a lower exchange deposit, and needed to put down the £2,575 would this then be returned on completion? 

MovingForwards

How much % of the purchase is from your deposit (savings and bonus)?
How much % is from the mortgage loan?

Usually it's 10% on exchange with the rest on completion.

Have a chat with your solicitor.

Tonyw193

MovingForwards said:

How much % of the purchase is from your deposit (savings and bonus)?
How much % is from the mortgage loan?

Usually it's 10% on exchange with the rest on completion.

Have a chat with your solicitor.

I've arranged a 90% LTV mortgage. So using 10% of savings which includes the bonus. 

[Deleted User]

I'm doing quite a lot of shared ownership deals at the moment with a 0% exchange deposit.   Properties aren't going to be ready for a while and it allows the buyer to keep their money in the h2b isa a bit longer so everyone was happy with it.

Your solicitor should advise you accordingly but it's generally fine to do less than 10%