Mortgage deposit problem

Radiatormannw

Catch 22 then

marginex

I suggest you PM one Radiator!

You are very much allowed to initiate contact with them, just not the other way around :-)

GMS

If you are selling your home prior to completing on the new one then there is no issue.


in fact it is a standard way to move up the ladder.


If you are intending to keep your current property after completing on the new one then the situation is different.


Either way there will be solutions.


No idea why you are being told otherwise by the brokers.


Any sensible broker would pick this up for you.

hanfrangipane

Radiatormannw wrote: »

ACG
As you are a mortgage adviser and in Manchester would you like my business and get me the mortgage I am seeking?

I am in North Manchester and can meet anytime to suit you

The mortgage advisors on here agree to a code of conduct and are not allowed to contact you directly.

However, you are allowed to contact them so I suggest you send whoever you would be interested in working a with a direct message and go from there.

That's what I did and got some good advice - there's some very nice and helpful people on here

Good luck

pinkcheshirecat

See also thread here https://forums.moneysavingexpert.com/discussion/5037630
Started by OP.

Your equity IS your deposit. When you sell your house and buy another you use the equity as your deposit. Unless the mortgage company aren't prepared to lend you the 130k. You have 100k from sale to use as deposit and the solicitor sends 100k from sale plus 130k from mortgage. The mortgage company just won't lend more than 90% of the purchase price.

If you are buying a new build then the builder may want exchange within 28 days, if you have not already sold yours this might then cause the problem you are describing, but other than that, sell you house for 100k.... You have a bigger than 10% deposit...... You do not need the cash to put down. MOST people do this when selling/buying a house, you complete on both on the same day and the money moves all the way up the chain to the top.