Deposit to purchase a house

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pint6

Registered User
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Hello there,

We have identified a duplex property which we are eager to purchase if everthing goes well. They are looking for 310K for this property. I am asked to pay 5000 initially followed by 10% at the time of signing the contract. But I am availing 100% mortgage. Its quite difficult to pay 10% at this stage :

a. Can I inform my lender to advance the 10%?
b. Can my solicitor take care of this?

Please advise.

Regards,

Pint 6
 
Yes, depending on your lender you can draw 10% of the 100% at the time of signing contracts. You need to have your life cover in place prior to drawing. And yes, your solicitor will take care of the drawdown but you will need to speak to your lender about applying for it.

Kind regards,

Sarah

www.rea.ie
 
with our First Active mortgage 100% too the bank did not draw down the first 10% we had to get a loan from the "friendly CU" and pay it back once the deal was done so to speak. The broker reckoned it was one of the few banks which did not allow advancement of the 10%.
 
Sarah, which lenders are more likely to allow the draw down of 10% at the time of signing the contracts? I'll be in this situation myself in a while so it would be good to know which lenders generally allow this.
 
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