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Deposit question

jimwaugh
jimwaugh Posts: 2 Newbie
in Mortgages & endowments
Here is the situation.
I own a 100k property outright in Scotland.
I want to buy a second home in England for around 150k, time will be split between the two.
Is there any way to use the first home to waive the deposit for the second or will I have to go down the equity release route...

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    equity release.. just a lovely term for a loan

    yes you will need to raise a mortgage/loan on the first house to provide a deposit for the second
  • kingstreet
    kingstreet Posts: 39,314 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I can think of at least one lender which offers a cross-charge facility where it takes a charge over two properties to avoid the need for remortgaging to create a deposit.

    However, I'm pretty sure it won't do this cross-border and I'm not sure any lender will.

    You could put it to an independent or whole market broker up there and see what comes back.
    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.
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