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95% Mortgage at exchange deposit query
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T9OTE
Posts: 18 Forumite

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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if you have an 95% mortgage agreed then its 5% deposit that will sent to solicitor when the time comes0
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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
I dont have the 10% this was one of the reasons i got a 95% mortgage .im about to exchange . What should i do?0 -
Ask your solicitor to check with the vendors solicitor that a 5% exchange deposit will be acceptable0
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Deleted_User said:Ask your solicitor to check with the vendors solicitor that a 5% exchange deposit will be acceptable0
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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
I dont have the 10% this was one of the reasons i got a 95% mortgage .im about to exchange . What should i do?0 -
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%0
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Standard contract is 10%, solicitors can agree to amend this.0
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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 accept0
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