Hi,
I have approx 130K equity in my property. I am thinking of trading up. I don't have any other borrowings but only have savings of 5K.
The property I am looking at buying is 350K and I would need a mortgage of 250K.
Can I do all this without having the 10% contract deposit (35K) in cash?? How would this work? I would be looking to get sale contracts signed couple days before purchase contracts but from what I remember last time I sold & bought, the purchasers solicitor held onto the 10% deposit until close so I couldn't use this. Would the bank release some of the mortgage at contract signiing stage to cover deposit given the equity or would I have to get a loan for this???
Thanks,
dillons
I have approx 130K equity in my property. I am thinking of trading up. I don't have any other borrowings but only have savings of 5K.
The property I am looking at buying is 350K and I would need a mortgage of 250K.
Can I do all this without having the 10% contract deposit (35K) in cash?? How would this work? I would be looking to get sale contracts signed couple days before purchase contracts but from what I remember last time I sold & bought, the purchasers solicitor held onto the 10% deposit until close so I couldn't use this. Would the bank release some of the mortgage at contract signiing stage to cover deposit given the equity or would I have to get a loan for this???
Thanks,
dillons