Considering upsizing - question

Hi All,

Before we even consider moving, speaking to bank etc., a simple question, and apologies if it has been answered elsewhere.

My understanding is that second time buyers require a 10% deposit when moving house. Does this mean that we will require 10% in savings of the purchase price or can the deposit be taken from any profit we might make on our home.

I know that a relative had to sell their home entirely before they could buy another property, however they were a cash buyer in that instance and didn't need any mortgage.

Esentially, are "chains" still permitted when buying and selling a home?

Thanks

Skyler White said:

can the deposit be taken from any profit we might make on our home.

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Yes.

Skyler White said:

Esentially, are "chains" still permitted when buying and selling a home?

Click to expand...

Yes.

ClubMan said:

Yes.

Yes.

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Thanks!

Skyler White said:

are "chains" still permitted when buying and selling a home?

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They are permitted by the banks, but you may have issues getting vendors to accept your bid if you're looking in popular areas. I'm looking to upsize at the moment and if there's enough interest (which there certainly is in the South Dublin upsizing market currently) agents are only taking bids from buyers not in chains.