100% mortgage and Booking deposit

M

morpheus

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Hi all,

FTB's, I paid the EA a 5k booking deposit and Im getting a 100% mortgage, can you tell me do I get my 5k back when the cheque is drawn down from the mortgage company?

I was hoping so, someone said that its used as part of the payment, but I thought 100% is 100% so if the house costs 325k im getting 325k and my 5 deposit will come back to me?

thanks for any advice.
 
Hi morpheus,

The way it works is that the EA will not give you back your deposit, but you will get it back from your solicitor in the end. We bought a house, gave the EA 6K, got a 100% mortgage with a bridging loan for 10% contract deposit. So on signing, the solicitor paid the EA the 10% minus the booking deposit. On closing the remaining outstanding money was transferred and the solicitor had money outstanding to us, which they deducted from stamp duty, fees,etc. Hope this makes sense?
 
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