Deposits for a new build 10 September 2021 at 8:25PM in Mortgage-free wannabe 1 reply 83 views

carlyhall

Hi can anyone help me? I have two questions I need help with. 

1- I have seen a property for £280,000 and being told on the show around its £280,000 the estate agent’s have now told use they want £290,000 for the property? Is this how things happen? 

2- we have also been told by our broker we need a 20% deposit if we would like a new build property. I was under the impression new builds are 10%? 

Someone please help? 

killerpeaty

Hi there. Until exchange happens (assuming that you are England and Wales ) no price or agreement is set in stone. So either party can pull out or change terms up until the exchange.

Your broker may be telling you that you need 20% deposit because your income cannot service the greater mortgage.