moving house?

ritchiehulse

we bought our first house 2 years ago and have about 4 grand equaty in the property we are thinking of moving and have been down to our bank who are more than happy give us the 130,000 we need for the houses that we are looking at, the only problem is they are asking for a 15% deposit, now we have been looking at houses worth around 130,000 so its a 19,500 deposit which is a bit hrash on the savings considering we only have 4 grand ish in our current property.

Now my question is would there be mortages available to me which would only require a 10% deposit(less would be amazing but couldnt see it happening lol)

would i have to switch the mortgage proir to selling our property or would i be best of switching once we have sold the property and moving into the new house thanks

Blacksheep1979

There are mortgages out there for under 15% deposit, but you generally pay more. As to the equity in your property, you do realise that at the moment you are just speculating - you may get no offers around what you believe it to be worth. Have you even had a valuation?

ritchiehulse

yes i have had the valuation and i have taken the lowest possible amount, plus i have looked at what else is available in my area at the same price, my house is head and shoulders above the rest, so the worst possible outcome would be 4 grand

superfran_uk

Presumably you would have the savings to make the deposit up to 10%? The 4 grand would get swallowed up with fees etc, so you can pretty much say goodbye to that.