i was give a mortgage offer and they said i should pay a deposit of 5% and now the agreement from the solicitors is saying i should pay 10%.is it a mistake or they have changed their mind.
Answer by m2
your mortgage shouldn't change..
what "may" be happening is the 5% has an "insurance" price added..
ask i can't see the document......so phone and ask why it has changed..
Answer by Donna A
The general amount for a deposit is 10%. You can however get agreement from the person you are buying from to pay less.
We allowed the person buying from us to pay less, not realising that this would be passed onto the person we were buying from, who wanted the full amount. We ended up having to write a credit card cheque for £15,000. Scary.
Then when my Husband sold his house, we did not need the deposit and the purchaser was having a 100% mortgage, so we let them off the deposit.
With this move, we are moving to a smaller less expensive house, so the deposit from this one covered the deposit on the new one.
As you can see from the above, it is flexible, the standard is 10%, however that is negociable.
Realising that my maths did not add up and that £15,000 is not 10% of £395,000, I have dug out a web site for you with handy tips about deposits.
http://www.goodmigrations.co.uk/deposittips.php3
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