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2 questions about buying our second home
kingnothing83
Posts: 15 Forumite
We're looking to sell our first home and buy our second. We went for a 2 year fixed mortgage in June 2013 so presumably i'm ok to start looking now as long as I dont complete until after this date? If I completed before I'd need to port the mortgage or pay early termination fees wouldn't I?
Also, I only have around £10k in savings, but will have around another £110k in equity when I sell our home. Should that be enough? I know I'll need to pay 10% deposit on the new home which will be more than the 10% deposit I get for selling this one so there'll be a shortfall there that I can hopefully negotiate on or take a temporary loan (or pay solicitor on credit card if that's possible). So does the £10k in savings seem like enough?
Appreciate the advice
Also, I only have around £10k in savings, but will have around another £110k in equity when I sell our home. Should that be enough? I know I'll need to pay 10% deposit on the new home which will be more than the 10% deposit I get for selling this one so there'll be a shortfall there that I can hopefully negotiate on or take a temporary loan (or pay solicitor on credit card if that's possible). So does the £10k in savings seem like enough?
Appreciate the advice
0
Comments
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don't worry about the deposit, solicitor will sort it out, its effectively paper transaction, you don't actually need to pay it up front, it just gets recycled up the chain, assuming youre not at the bottom of course - in which case you do need to pay deposit up front0
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