• Will I Get An Exchange Deposit Back When My Mortgage Money Is Transferred At Completion?

    By Guest on 03rd Jan 2023

    I am buying a house for £290k and selling my house for £250k. I am porting my existing mortgage and borrowing the extra with an extra small mortgage. My solicitor has said I need to pay a deposit on exchange of contracts to my purchaser, because my buyers deposit is only £18k. I havent ever had to pay a deposit before, and its a lot of money they are asking for (around £12k). I want to know that if I pay this "deposit", will I get it back once the sales proceeds and mortgage monies come through on completion? or is it costing me £12k extra to buy my home?

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