house deposit

FloraMac

Hello,

I was under the impression that we would have to provide a 10% deposit for the house we are buying.
I was just checking re savings accounts to take the money from when I came across a site that stated that generally when you are buying And selling, the buyers (of your house ) deposit will become your deposit.
So our situation is, buying a house less value than ours so is it laid down that our buyers deposit will become our deposit or do I need to have the cash available?

Thanks

FloraMac

Anyone please???

Waterlily24

That has happened each time we've bought and sold. The houses we bought were always cheaper than the ones we've sold too.

Last purchase was 2006 so not absolutely sure it's the same now.

Richard_Webster

Sellers will very often use their buyder's deposit on their onward purchase and it is quite normal.

Even if the seller is going upmarket, proivided the difference in price is not too great their seller will often be advised to accept the buyer below's deposit. In the days of 95% mortgagess this often meant that the deposit was perhaps only 2.5%!