95% Mortgage at exchange deposit query

T9OTE

Hello all, hope someone can clarify for me , i have a 95% mortgage offer agreed with a bank, i have the 5% deposit , at exchange i will transfer the 5% deposit to my solicitor? Been reading and its normally 10% minimum on exchange? Cant figure out how this works

jaelato1

if you have an 95% mortgage agreed then its 5% deposit that will sent to solicitor when the time comes

Alter_ego

jaelato1 said:

if you have an 95% mortgage agreed then its 5% deposit that will sent to solicitor when the time comes

Provided the vendor agrees to a reduced deposit. Check first!

T9OTE

Alter_ego said:

jaelato1 said:

if you have an 95% mortgage agreed then its 5% deposit that will sent to solicitor when the time comes

Provided the vendor agrees to a reduced deposit. Check first!

Thank you, i didnt know about this, my solicitor knows about the 95% mortgage and house price, i only have the 5% and spare money for fees .
I dont have the 10% this was one of the reasons i got a 95% mortgage .im about to exchange . What should i do?

[Deleted User]

Ask your solicitor to check with the vendors solicitor that a 5% exchange deposit will be acceptable 

jaelato1

Deleted_User said:

Ask your solicitor to check with the vendors solicitor that a 5% exchange deposit will be acceptable 

when i did 95% few years back, i didnt ask no one. only my broker, lender and my solicitor needed to know

jaelato1

T9OTE said:

Alter_ego said:

jaelato1 said:

if you have an 95% mortgage agreed then its 5% deposit that will sent to solicitor when the time comes

Provided the vendor agrees to a reduced deposit. Check first!

Thank you, i didnt know about this, my solicitor knows about the 95% mortgage and house price, i only have the 5% and spare money for fees .
I dont have the 10% this was one of the reasons i got a 95% mortgage .im about to exchange . What should i do?

i didnt know vendor are required to know this either, i guess things have changed

T9OTE

Probably bad news for me, as vendors are not aproachable or friendly, i guess not much i can change, i just dont understand is why we can have 95% mortgages if exchange deposit is minimun 10%

user1977

T9OTE said:

Probably bad news for me, as vendors are not aproachable or friendly, i guess not much i can change, i just dont understand is why we can have 95% mortgages if exchange deposit is minimun 10%

It isn't minimum 10%. Talk to your solicitor.

[Deleted User]

Standard contract is 10%, solicitors can agree to amend this. 

T9OTE

Thank you all for the info, i spoke with my solicitor and she will let the other solicitor know that we will be using less than 10% deposit.
Lets hooe they accept