Help to buy ISA

We haven't came up with any problems yet, we've exchanged contracts on £3k payment from other savings, the other £9.5k we need is currently growing in our HTB ISA's and will be cashed in just before completion at the end of the year.

How have you managed to exchange with only a £3k deposit :confused:

I don't understand people talking about 'house deposit' and 'mortgage deposit'. (9 times out of 10) you need 10% deposit on exchange of contracts as a minimum, the other 90% (or X% if you have a higher deposit) is made up from the mortgage for completion. Thus the 'house deposit' and 'mortgage deposit' are the exact same?
 
New build property, is just the way they've let us do it. Exchange of contracts on £3k, pay the rest on completion, they were happy with that.
 
How have you managed to exchange with only a £3k deposit :confused:

I don't understand people talking about 'house deposit' and 'mortgage deposit'. (9 times out of 10) you need 10% deposit on exchange of contracts as a minimum, the other 90% (or X% if you have a higher deposit) is made up from the mortgage for completion. Thus the 'house deposit' and 'mortgage deposit' are the exact same?

House deposit is the deposit (10% usually) put down at exchange.

The mortgage deposit is the additional paid at completion, £0 if you have a 90% mortgage, 10% if you have an 80% mortgage etc.

The terminology doesn't make a lot of sense but that's what the terms mean.
 
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