First Time Buyer - Deposit Query

L

Lauren

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Am in the process of an apartment purchase and my solicitor has just informed me that I need to pay a 10% deposit as part of the legal process prior to final signing. However my mortgage is a 100% mortgage. So how does this work then? Will the lender advance me 10% prior to making the full amount available?
 
depends on who your lender is. Most of them will let you borrow the 10% as a personal loan (BOI & ICS @ 6%)
When you draw down the mortgage, your solicitor will pay back the personal loan
 
You could always ask the EA or go directly to the builder and ask if you could not pay the 10% as your drawing down the whole lot a week later. We asked the builder and he had no problems as long as we assured him the money would be drawn down exactly a week later. We did put €3000 booking deposit down though. Its always worth a shot!
 
I'm buying from a vendor, not direct from a builder..My solicitor is gonna ask for a waiver of the 10%. Fingers crossed. I have already put a 5,000 "booking deposit" on the property....But thanks for the suggestions all the same..Oh the joys of house purchasing!
 
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