We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buying a new build property - deposit
Wee_L
Posts: 7 Forumite
Hi,
My husband and I have just reserved a new build property. We hadn't saved in anticipation of moving. We paid a £500 reservation fee and we are required to pay a total of 2% deposit when we sign the missives.
We asked the developer (Bryant) if we could use a credit card to pay this, intending to pay off as much as we can and the rest on exchane day when the money for the additional mortgage and equity comes through.
My query is - will Bryant cash in the deposit right away or do they wait until moving day?
I'm not sure if it makes a difference - we are in Scotland.
Thanks.
My husband and I have just reserved a new build property. We hadn't saved in anticipation of moving. We paid a £500 reservation fee and we are required to pay a total of 2% deposit when we sign the missives.
We asked the developer (Bryant) if we could use a credit card to pay this, intending to pay off as much as we can and the rest on exchane day when the money for the additional mortgage and equity comes through.
My query is - will Bryant cash in the deposit right away or do they wait until moving day?
I'm not sure if it makes a difference - we are in Scotland.
Thanks.
0
Comments
-
Do you have any equity in your current property?
If not, a 2% deposit (a borrowed 2% deposit, at that) will get you zilch.poppy100 -
Whoops, didn't explain that very well. We have equity on our propoerty and will be putting down a substantial deposit when we sell. This is the 2% that the developer wants us to put down on conclusion of the missives.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.7K Banking & Borrowing
- 253.8K Reduce Debt & Boost Income
- 454.6K Spending & Discounts
- 245.8K Work, Benefits & Business
- 601.8K Mortgages, Homes & Bills
- 177.7K Life & Family
- 259.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 37.7K Read-Only Boards