2 Second time buyers Mortgage

pm29

Myself & my fiance are starting to look for a house but I'm not 100% sure how much deposit you have if you both have a house already.

We both have a flat, both bought for £100k. Deposit-wise I put down £10k and he had £20k.
I have an outstanding mortgage of £89k and he has an outstanding mortgage of £76k.

Given this, am I right in thinking that if we sell our flats for the same value we bought them for, we will have at least the £30k to put down as a deposit?

marathonic

pm29 wrote: »

Given this, am I right in thinking that if we sell our flats for the same value we bought them for, we will have at least the £30k to put down as a deposit?

That's about £35k so, after the fees, yeah, about £30k.

Are you sure you'll get the £100k each though? When did you buy them? What are other, similar flats in the area selling for?

nikkickchloe

Don't forget the fees for sale of both flats, plus fees for buying new house, will eat into any deposit?
But yes the equity in both flats could be used as a deposit.
Good luck in your hunt...

pm29

We stay in a very popular area so I'm confident we'll get at least what we paid for them despite house prices being flat.

We've got around 3k set aside for fees and such so hopefully have a bigger deposit.

Thanks both for clearing that up for me