booking deposits

Discussion in 'Mortgages and buying and selling homes' started by natalie275, 9 Mar 2019.

  1. natalie275

    natalie275 New Member

    Posts:
    2
    I'm after getting a offer accepted on house and borrowed money for €5000 booking deposit not sure if this is the right thing to have done cause don't know will i get this money back once sale is closed? will i get it back from mortgage or the EA when all is finalised?

    can't afford to save another 5k to pay someone back!!
     
  2. RedOnion

    RedOnion Frequent Poster

    Posts:
    2,588
    Why didn't you pay it out if the deposit you've saved up?
    You need to read up on the process. You'll be expected to have the balance of 10% on signing contracts.
     
  3. natalie275

    natalie275 New Member

    Posts:
    2
    I was not aware that i could remove the money from my mortgage saver account unto mortgage offer had been completed?? so when im asked to pay the rest of 10% i go to bank an withdraw the rest??
     
  4. RedOnion

    RedOnion Frequent Poster

    Posts:
    2,588
    Yes, exactly. This is what you've been saving for.
    You need to engage a solicitor if you haven't already, and ask them to explain the process to you.
    Similarly now that you have a house, you can kick off the formal mortgage approval with your bank, and ask them to explain it to you.
    If your mortgage saver is with bank of Ireland, double check with them how the bonus interest works.
     
  5. Feemar5

    Feemar5 Frequent Poster

    Posts:
    160
    As I understand it booking deposits are refundable until contract is signed ( if either side want to drop out ). I presume you have organised surveys, snag lists etc., depending on what type of property you are buying. When you sign the contract you will have to pay the balance of 10%. You need a solicitor. Have you mortgage approval ? - you need to have everything sorted before you pay the final part of the deposit . Check your contract as it is likely to say deposit non refundable so you need to have everything in place. Good luck with your new home.
     
  6. sadie

    sadie Frequent Poster

    Posts:
    611
    Last edited by a moderator: 11 Mar 2019
    The Booking Deposit with the Estate agent is fully refundable. If the house deal falls through at any time or you change your mind about the house, they will give that back to you, no exceptions.
    This 5k is subtracted from the total cost, it's not extra.
    You will be asked to pay 10% Deposit when you sign the Contracts. People call this 'the Deposit' as well so it's easy to mix that up with the Booking Deposit.
    Your Booking Deposit already paid is subtracted from the 10% amount so you only pay the balance up to the 10%.
    If you changed your mind after the 10% is paid at Contract signing, you may lose that portion of the deposit depending on the circumstances.
     
    Last edited by a moderator: 11 Mar 2019