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Moving house
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Tom95
Posts: 2 Newbie
My girlfriend and I currently live in shared ownership property and we are looking to move to another shared ownership property.
We would be looking to just extend the mortgage we currently have (Newbury), would we need to put a deposit down for the new place as it is a mortgage extension?
There is equity in our flat, would this count as the deposit?
And, if the equity is greater than the amount we need, would this be tied up in the new property or would we be able to take it as money to spend?
We would be looking to just extend the mortgage we currently have (Newbury), would we need to put a deposit down for the new place as it is a mortgage extension?
There is equity in our flat, would this count as the deposit?
And, if the equity is greater than the amount we need, would this be tied up in the new property or would we be able to take it as money to spend?
0
Comments
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Your equity can be used as deposit and yes if funds permit you can get some of your equity back out. Your solicitor would transfer it to you on completion.Officially in a clique of idiots0
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