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Selling house / Breaking Even / Do we need deposit for new house?
10051024
Posts: 6 Forumite
Basically all of the above a nutshell!
We bought our house 2.5 years ago when house prices were at their peak. We have had our house valued and will be lucky to break even (as we have had a lot of work done in it in the mean time).
We have saw a few houses we like for more or less what we should get when we sell our current property but I would like to know if we would need to generate a deposit for a new mortgage or if there is anything we can do to avoid this as we simply aren't in a position to raise funds for another deposit and do not have any equity within our current house.
Thanks for any advice.
We bought our house 2.5 years ago when house prices were at their peak. We have had our house valued and will be lucky to break even (as we have had a lot of work done in it in the mean time).
We have saw a few houses we like for more or less what we should get when we sell our current property but I would like to know if we would need to generate a deposit for a new mortgage or if there is anything we can do to avoid this as we simply aren't in a position to raise funds for another deposit and do not have any equity within our current house.
Thanks for any advice.
0
Comments
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Sorry. You'll need a deposit.
The 100% mortgage is a thing of the past.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Ask your Lender if 'porting' is possible.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
Focus on repaying your current mortgage to build up equity.
The cost and expense of buying similar valued properties would be better used doing likewise.0 -
If you had a deposit when you bought and are selling for the same price you will come out with your original deposit minus fees.Debt Is Slavery.0
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Except for;-Henry_P_Chester wrote: »If you had a deposit when you bought and are selling for the same price you will come out with your original deposit minus fees.we simply aren't in a position to raise funds for another deposit and do not have any equity within our current houseI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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