100% Mortgages & Booking Deposits

abbie

Registered User
Messages
84
My brother is interested in buying a new house worth 265K. The estate agents are looking for 5K upfront as a booking deposit which isn't a problem, but after the contracts are signed they will look for a further 8K. He has been approved for a 100% mortgage. Will the mortgage company release any money or will he have to come up with the full 13K himself. The house will not be completed for another six months.
 
All the lenders doing 100% are also providing the Deposit up front by way of a term loan until the mortgage cheque draws down or a stage payment, ie they release the balance required for the deposit. he needs to contact his lender to organise.