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Question about finance for buying a house

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  • 06-04-2010 1:05am
    #1
    Rafa1977
    Closed Accounts Posts: 400 ✭✭


    Hello all, I have question which I am sure somebody here could answer. I have agreed price for a house of 185k, all morgage approved and everything in order, I have given a holding deposit of 5k, today i received a letter from my solicitor asking to discharge 10% deposit less any booking fee, so this would mean I would have to come up with a further 13.5k. What I want to know is do I need to provide this money or is the bank, as I have been approved for 92% loan, I should be coming with 8% which is 14,800k, but the letter from my solicitor is stating I should be coming up with 10% which amounts to 18.5k, and the letter from the bank states that my loan approval is 170,200.


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    #2
    Dirk Gently
    Closed Accounts Posts: 4,784 ✭✭✭Dirk Gently


    Talk to your solicitor and ask him/her to renegotiate the 10% down. The 10% deposit is contract law between the 2 solicitors, separate to the banks criteria.

    If you only have 8% in total, try keep all deposits within that 8%. i.e, your holding deposit + contract deposit = 8%. You can use up your whole 8% on deposits once you have receipts for the bank.


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    #3
    galah
    Registered Users Posts: 2,215 ✭✭✭galah


    we had the same issue, but the agent/solicitor accepted the 8 % instead of 10 %, there was no problem at all.


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