Can this be done?

DaveL_3

We took out a 100% mortgage in 2006 with Portman (now Nationwide). We have now been offered a part exchange, where the person buying our house has offered what we owe on the mortgage, my question is would we be able to get a mortgage on their house due to having no deposit? Im guessing not but any advice would be very welcome.

Ours would be sold for £118000 and the new house bought for £140000.

Many Thanks
Dave

_Andy_

There aren't any 100% mortgages available on today's market.

hydsta

100% mortgages = Extinct

Why dont you get a bridging loan for the deposit and then use or all of the sale proceeds to repay the loan?

UK007BullDog

Dont do bridging loan. Very costly.

Do a porting of the mortgage. Might be much more successful. Speak to your Lender. It all depends on your income, age, other debts and if they will lend on that type of property.