Help to buy ISA

[Skillmister]

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

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?

 

[Mucky_Pup]

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.

 

[GeForce]

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

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.