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Complex Situation...
Angel84
Posts: 64 Forumite
..because things are never straight forward!
My partner has a mortgage of his own, we've seen a property we like and they offer part exchange. We don't have a deposit but would be looking to buy the new property together. How does this work in relation to the mortgage? Would anybody give us the mortgage? Do we need a deposit if the builders are taking his house as part exchange?
This is the first time I'll be doing this so I'm pretty clueless!!! HELP!:(
My partner has a mortgage of his own, we've seen a property we like and they offer part exchange. We don't have a deposit but would be looking to buy the new property together. How does this work in relation to the mortgage? Would anybody give us the mortgage? Do we need a deposit if the builders are taking his house as part exchange?
This is the first time I'll be doing this so I'm pretty clueless!!! HELP!:(
Don't be 'Good' - Be 'Amazing'
0
Comments
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The difference between the outstanding mortgage and the part-ex valuation becomes your deposit on completion day.
ie - Part-ex val = £100,000
Existing mortga = £85,000
Deposit for new = £15,000.
You'll take a new joint mortgage, putting the deposit to it to make up the purchase price you agree with the builder. If your deposit doesn't equal 10% or more you'll probably need to put some cash to it.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
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