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How much deposit will I need?

A deposit is paid on exchange of contracts. Traditionally this is 10% of the purchase price.

However, if you are buying a new home and at the same time you are selling your own home, your solicitor can often make use of your buyer’s deposit. In such circumstances, you will not have to find any deposit at all!

If you not selling, then the amount of the deposit will depend upon the amount your mortgage lender is prepared to lend against the property. Recently, this percentage has been more than the traditional 10%.

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