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Using house equity to buy another house
pinder325
Posts: 6 Forumite
So I am thinking of moving house and am a bit confused about how I use my current equity as a deposit for my next house.
So if I have a certain amount of equity in my house that I want to sell and then use the equity to but down as a deposit for the house i'm buying how does that work? Because i understand that you usually buy and sell on the same day, but would I have to put my deposit down earlier? and if so how would I get the equity from my current house to pay that deposit?
Thanks,
So if I have a certain amount of equity in my house that I want to sell and then use the equity to but down as a deposit for the house i'm buying how does that work? Because i understand that you usually buy and sell on the same day, but would I have to put my deposit down earlier? and if so how would I get the equity from my current house to pay that deposit?
Thanks,
0
Comments
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The deposit you receive for the sale of your property is passed up the chain upon exchange of contracts.0
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