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Using a Flat as a deposit
ken.cassidy
Posts: 1 Newbie
is it possible to use my flat as part of my deposit on a house
0
Comments
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You will need to post a few more details, how much quity do you have in your current property and what are you looking to buy0
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Maybe.
Depends what you really mean.
Are you selling the flat?
Or planning to get a mortgage/remortgage to a larger amount, and keep the flat..?
First is easiest. The cash upon sale can go to form/increase your deposit, and improves your LTV for the house mortgage.
A mortgage/remortgage on the flat, depends on complications like buy-to-let LTVs, how much equity it would free, BTL fees, etc...
Still doable, just not as cut and dried.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
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