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Buying a second property

domadam
domadam Posts: 1 Newbie
in Mortgages & endowments
I have finished paying the mortgage on my home and would now like to buy another property. The plan would be to live in the new property and rent my old one so that the rent could go towards paying the mortgage on my new home. My question is, would I still need to raise a deposit for the mortgage on the new property even though I own my current home outright?

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    domadam wrote: »
    My question is, would I still need to raise a deposit for the mortgage on the new property even though I own my current home outright?

    Yes you will. The bigger the deposit the better the interest rate you'll obtain as well.
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