When do I need to pay my deposit?
A deposit is a percentage of the money you have to put down before buying a home. If you are a first-time buyer, your deposit will be cash savings. Whereas a previous home-owners, it will be the equity from their existing property plus any extra savings they have.
You will have to pay a deposit on exchange of contracts a few weeks before the purchase is completed and the money is received from the mortgage lender. The deposit is usually 10% of the purchase price of the home, but this can vary.
Once the exchange of the contracts has happened the buyer and seller are now committed to the sale. Pulling out at this stage will result in you losing your deposit.
Take a look below to see more of the conveyancing journey.