We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buying a new home with proceeds of current home
popjoc
Posts: 20 Forumite
We are looking to purchase a new property in the next few months and we will be selling the property we own outright to do this.
This means we will not need a mortgage as the property we are selling is currently worth more than the one we are buying.
My question is this. We would not have the cash for a 10% deposit readily available, so the fact we are going to buy the new property outright, is there anything we can do to show we have the deposit but just not in real cash.
Hope I have explained this correctly, but do ask any questions if you do not understand my question.
Thanks.
This means we will not need a mortgage as the property we are selling is currently worth more than the one we are buying.
My question is this. We would not have the cash for a 10% deposit readily available, so the fact we are going to buy the new property outright, is there anything we can do to show we have the deposit but just not in real cash.
Hope I have explained this correctly, but do ask any questions if you do not understand my question.
Thanks.
0
Comments
-
This happens in many home purchases- you will be part of a chain and will probably need to have an offer in place on your home to be able to proceed. On exchange on your sale, the deposit will be passed up the chain0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.3K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards