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Buying a house question
lala9
Posts: 686 Forumite
Hi
We currently rent but would soon like to buy. We also own a house which we let out, what are the chances of buying a new home but using the equity in the existing home as our deposit, approx 50k? Do mortgage companies favour this sort of thing?
We currently rent but would soon like to buy. We also own a house which we let out, what are the chances of buying a new home but using the equity in the existing home as our deposit, approx 50k? Do mortgage companies favour this sort of thing?
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Comments
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No. You would need to remortgage or sell the existing property to "use" the equity.
Cross-charging mostly died out in the 90s, with the last facility ending when the One Account closed to new business. This allowed multiple properties on the same account/mortgageI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Hi
We currently rent but would soon like to buy. We also own a house which we let out, what are the chances of buying a new home but using the equity in the existing home as our deposit, approx 50k? Do mortgage companies favour this sort of thing?
How would that work? The money in your BTL is not going to magically transfer to the person who you are buying the house off !
I take it you realise there will be an extra 3% SDLT to pay?0 -
Oh right, I thought they would let me have it deposit free if I offered the asking price !0
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just tell them you have a btl and are good to pay them in the future they might let you have it free.0
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