Deposit, 10% payment, and rest of payment

S

simon333

Guest
Hey!

I'm going to see the bank about getting a mortgage. I went to see a showhouse where, if I remember, they required a deposit, then 10% upon signing the contract, then the house is built (they've stopped building the estate, now it's per-order basis), and then you pay the rest of the payment. I'm iffy on the details, didn't write them down properly.

If this was the case, how does the mortgage help out? Can the deposit come out of the 8% cash contribution I make to the 92% mortgage?

When I have to pay 10%, will the bank provide me with 10% of the mortgage? Or will the bank want the full mortgage payments to begin upon signing the contract?

Thanks.
Simon
 
Yes, normally you'd pay the deposit from your own money and then the bank advances you the mortgage.
 
i just bought some land and had to pay 10% of my own cash up front. then stamp duty of 11 grand i had to come up with as well. good luck hope your different
 
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