Deposit at Contract Stage

Currently a 1st time buyer. We have a loan offer of 95% from AIB which we got through a broker. We are currently awaiting contracts (been 2 months but thats another story) but my question is what happens if the vendor insists on a 10% deposit at this stage. I rang AIB after our broker suggested that they would offer us a personnal loan for the 5% which would then be incorporated into the mortgage which we draw down on it, however, they are saying that they will not do this. Has anyone any experience or advice.

they usually don't insist on 10%. Have you spoken to your solicitor about it?

1. 10% has been the norm in the past.
2. It may be negotiable.
3. If the vendors insist on it, then your options are to borrow from someone or walk away from the purchase.
4. If you can complete quickly, that would be more persuasive.


Its all about negotiation and bargaining power.

mf