Owning your own home

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NotThamesWater

Is paying a deposit on exchange a fairly standard thing?

We're being asked for 10% of the purchase price.

I can see how this might be a problem if you were looking for a 95+% mortgage

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andyp in reply to @NotThamesWater

Yes, paying a non-refundable deposit at the time of exchange is the norm. If you have a 95% mortgage I think, and I could be wrong here, the lender stumps up the remainder.

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beseku in reply to @andyp

This is what happened to us when buying with Woolwich. We paid our 5%, they paid the other 5%.

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