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deposit query
dd95
Posts: 213 Forumite
friend of mine is in a chain and wants to use proceeds from sale for deposit for purchase. Her house is being sold for 200k and she has appeox 100k left on mortgage so 100k equity - am i right in saying she can use this 100k towards the purchase?
How does it work re paying the lender the other 100k too - do the sols do this?
How does it work re paying the lender the other 100k too - do the sols do this?
0
Comments
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Yes your friend can (and it would be very normal to) use that £100k equity for the onward purchase.
The solicitor will repay the outstanding mortgage from the proceeds - watch out for early repayment charges if they're in a fixed rate period.0 -
Yes: Or she could use it for round-the-world cruise, new car/boy, toy-boy/mistress (or both?) .. woteva...0
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