Brendan Burgess
Founder
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Two questions about the new rules...
(i) If I am trading up to second property, can I use the positive equity from my first home towards the deposit for second home?
(ii) It's not clear to me how these rules will work in the case of tracker move mortgages where the property is in positive equity... is that considered a 'new' loan and subject to the limits?
Hi Brendan
Sorry this may be an impossible question to answer.
I have been approved as a single applicant for approx 4.3 times my salary and am looking at buying an apartment (2 bed) . My mortgage approval is valid until July. Im just wondering what are the chances of being approved for the same amount if i have to reapply given the new rules ?
My logical expectation would be that the mover would still need 20% of the new purchase price. ie the same deposit as someone with negative equity.
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