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95% Mortgage at exchange deposit query

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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
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  • jaelato1
    jaelato1 Posts: 139 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    if you have an 95% mortgage agreed then its 5% deposit that will sent to solicitor when the time comes
  • Alter_ego
    Alter_ego Posts: 3,842 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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!

    I am not a cat (But my friend is)
  • T9OTE
    T9OTE Posts: 18 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    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?
  • Ask your solicitor to check with the vendors solicitor that a 5% exchange deposit will be acceptable 
  • jaelato1
    jaelato1 Posts: 139 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    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
    jaelato1 Posts: 139 Forumite
    Fourth Anniversary 100 Posts Name Dropper
    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
    T9OTE Posts: 18 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    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
    user1977 Posts: 17,728 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    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.
  • Standard contract is 10%, solicitors can agree to amend this. 
  • T9OTE
    T9OTE Posts: 18 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    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
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