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Need some help please
frankenzero
Posts: 4 Newbie
Hello
We would like to move. We have a mortgage, no deposit and around 25k equity.
Do we have to save up a deposit or is it possible to move using our equity?
We would like to move. We have a mortgage, no deposit and around 25k equity.
Do we have to save up a deposit or is it possible to move using our equity?
0
Comments
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You can move using your equity. You may need some cash to pay for certain things upfront, such as mortgage valuations and surveys on the new property, as well as moving costs.
You also need to check whether you can transfer your mortgage and what fees would be attached to this. If you can't you'd need to consider the early settlement fees.
The £25k equity plus any cash you can get together will have to cover the deposit on the new property, legal fees, estate agent fees and stamp duty.0
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