Hi all.
This is something that really confuses me and I have asked my broker and he never gave me a straight answer about it.
My dilemma is the following: you get 92% mortgage right, so you need the balance of 8% yourself which is fine. You pay 6k booking deposit and when you go to sign the contracts the amount required then is 10% of the purchase price when in fact you should really be paying 8% of the purchase price when signing contracts as at closing the mortgage cheque for the remaining 92% will be drawndown.
So what happens here?, can you go into your solicitor with the 8% or do you have to pay the 10% amount that is on the contracts.
Also, on the deposit. You get that back on closing less the solicitors fees, is that correct??.
This is something that really confuses me and I have asked my broker and he never gave me a straight answer about it.
My dilemma is the following: you get 92% mortgage right, so you need the balance of 8% yourself which is fine. You pay 6k booking deposit and when you go to sign the contracts the amount required then is 10% of the purchase price when in fact you should really be paying 8% of the purchase price when signing contracts as at closing the mortgage cheque for the remaining 92% will be drawndown.
So what happens here?, can you go into your solicitor with the 8% or do you have to pay the 10% amount that is on the contracts.
Also, on the deposit. You get that back on closing less the solicitors fees, is that correct??.