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Mortgage Query
hunty3
Posts: 42 Forumite
Hi, can someone advise please? I'm selling my home and downsizing. I'm probably porting my current mortgage to my new property. How do the finances work? IE how is the deposit financed? My house is worth 170k my mortgage is 114k the house I'm buying is 135k. Do I need to find a deposit or is the money all moved around by solicitors and banks etc.. Thanks all. 
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Comments
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Quick answer is that it should all be done by solicitors and banks. But others may have more to add.
Buy at £135k.
Mortgage for £114k.
Deposit = £21k.
The fact that you don't have this deposit in the bank isn't relevant to the mortgage.0 -
The equity in your property acts as the deposit. Your solicitors will handle it.Slummy mummy!0
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Thanks Guys.0
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