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moving home
curiuosgeorge
Posts: 3 Newbie
Hi guys
newbie so firstly HELLO to you all.Now me and my partner are wanting to move house but like most people we are unsure regarding deposits .We do own our own house but if we find a property would we need a deposit upfront or use our house as a deposit? Any help would be great thankyou
newbie so firstly HELLO to you all.Now me and my partner are wanting to move house but like most people we are unsure regarding deposits .We do own our own house but if we find a property would we need a deposit upfront or use our house as a deposit? Any help would be great thankyou
0
Comments
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I assume you are buying?
Normally 10% is payable as a deposit at Exchange of Contracts (you can negotiate - 5%?) and the remaining 90% at Completion.
If you are selling too, the 10% deposit you receive can be used as your own deposit.
If you Exchange & Complete on the same day (stressfull and uncertain) then you pay the full 100%.0 -
yes we are buying sorry still not sure of the answer0
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The cash deposit of the first buyer in the chain passes up the chain becoming a smaller percentage of the higher purchase prices as it goes.
Homeowners don't have to come up with cash if their home contains the equity which will become their "deposit."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 -
Thankyou Kingstreet nice and simple0
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