We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Using a Flat as a deposit

Options
ken.cassidy
ken.cassidy Posts: 1 Newbie
in Mortgages & endowments
is it possible to use my flat as part of my deposit on a house

Comments

  • GAH
    GAH Posts: 1,034 Forumite
    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 buy
  • CloudCuckooLand
    CloudCuckooLand Posts: 1,905 Forumite
    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.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture