Selling and buying - equity as deposit

[sandrat]

we are in the process of saving to move due to a change in employment. Currently have a ptsb tracker with 21 years remaining and house is roughly 40-45k in positive equity. We are hoping to transfer tracker to new house.

As we will be second time buyers do we need to save the full 20% of cost of new house or can we use some of the equity in current house towards that?

We are saving every spare cent but would rather move sooner if we don’t need to save the full deposit as it is a long commute.

Selling up first and renting closer to work might be an option but don’t want to miss out on transferring the tracker.

 

[RedOnion]

You can use equity. You can borrow max of 80% of the new house value.
But you'll need to sell first and then buy (or try sell / buy in a chain).

 

[Brendan Burgess]

Talk to ptsb about it.

You can use the equity.

But if you are a bit short, they will probably make an exception for you as they would be getting a higher mortgage rate on the tracker.

Brendan