Right, could someone who knows a bit about mortgages clear this up for me. Sorry if this sounds a bit thick.
Loads of people keep harping on about deposits and it's got me utterly confused. For arguments sake, say I want a house that costs £100k and I've got £10k, I borrow £90k and the £10k is a deposit.
But then people tell me about another 10% deposit when you complete. Where does this come from, does it mean I've got to find another £10k?
My brain is totally fried :?
I'm no expert but the further 10% on completion is highly unusual unless its conditions stipulated by the developers of a new build.
If you sniff about as a first time buyer you may even get away with as little as a 5% deposit as a first time buyer.