Booking Deposit & mortgage drawdown

Moneysaver

Registered User
Hi

I am a second time buyer and have a question about the booking deposit. Basically, I paid a booking deposit of 10K for my new home.

However, the remainder of my deposit is coming from the sale of my existing property which will then be offset against the new house. Can I get the 10K back (i.e. if the house is 490K can I draw down the full 80% from the bank i.e. releasing some extra funds ) i.e. releasing my deposit or do i have to drawdown (480K).

So is it A:

House Price 490,000
Deposit: -10,000
Equity: -96000 (i.e. 20% *480,000)

Mortgage drawdown: 384,000

or B:

House Price 490,000
Equity: -98000 (i.e. 20% * 490,000)

Mortgage drawdown: 392,000

Difference on mortgage balance: 8,000 (i.e. 10000*0.20). Deposit refunded 2,000

Our full equity is being offset against the new mortgage, so I would like to be in a position where we could draw down the max amount possible as those funds are needed for basic items (blinds, appliances, moving costs etc.,)

Any advice would be greatly appreciated.
 
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