Deposit - or rather "lack of"

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my2leftfeet

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Deposit - or rather "lack of"

We are looking to trade up - but have no deposit raised. We have paid a lot extra into our mortgage in recent years and reduced the term by about 6 years. Reading through posts here it seems that we will be expected to have a good proportion of the deposit [c. €70k] to hand. All of our money has been pumped into the mortgage, PRSAs and SSIAs - and we only have about €10k to hand. Will this stand against us?!
 
Possibly: the vendor might think that, if they accept, they could get stuck in a chain. They might also think that you'll keep looking for a cheaper house while you're negotiating their contract.
 
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If your house has gone up in price since you bought it, then you do have the money, just not in cash form. Organise a bridging loan at the last minute for your 10%, and pay it back the minute you get the new mortgage. It'll cost a bit but most people won't even think about dealing with you unless you can provide 10% on signing of contracts.
 
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