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Mortgage help for moving house
poshboy
Posts: 49 Forumite
Hi all,
We're considering moving house shortly. Our position is that we don't have much in the way of savings but we aim to sell our property for the region of 200k and move to a property worth roughly 250k. I'm a bit confused in terms of mortgage about whether we need to be able to provide any deposit other than the value of the house. Ideally, I'd want to fund the 50k we need all by way of mortgage but is that possible or do we have to supply cash? We currently have no mortgage on the current property we're in.
We're considering moving house shortly. Our position is that we don't have much in the way of savings but we aim to sell our property for the region of 200k and move to a property worth roughly 250k. I'm a bit confused in terms of mortgage about whether we need to be able to provide any deposit other than the value of the house. Ideally, I'd want to fund the 50k we need all by way of mortgage but is that possible or do we have to supply cash? We currently have no mortgage on the current property we're in.
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Comments
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No. The value of your property is your deposit. For exchange of contracts, your buyer's deposit will pass up the chain. This may be less than 10% of your purchase price but should be agreed between solicitors ahead of then.I 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
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Great thank you. That's a relief. Hoping that there can be an agreement when we get to that stage that the buyers deposit would be enough and not have to add the extra cash.0
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