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Deposit query- house owned outright buying second
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Mini87e
Posts: 3 Newbie
Hi,
I currently own a house with no mortgage on it. I want to sell it and buy another but will require a mortgage on the house I am buying. In this case if I am putting the money from the first house towards the new one and getting a mortgage to fill the gap, do I need a deposit on the new house or will the sale of the original one cover this?
I currently own a house with no mortgage on it. I want to sell it and buy another but will require a mortgage on the house I am buying. In this case if I am putting the money from the first house towards the new one and getting a mortgage to fill the gap, do I need a deposit on the new house or will the sale of the original one cover this?
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Comments
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If you are selling the current property, the proceeds of that sale are your deposit (or as much of them as you wish to use).I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks, that's what I thought but wasn't sure if a deposit was still needed before both sales went through.0
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