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Spindizzee
Joined: 06 Jan 2006
Posts: 10
Location: Wellingborough, Near the Pod
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 Posted: Sun Jan 22, 2006 7:54 pm Post subject: Deposit when moving house |
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I'm already a house owner paying a mortgage. I'm looking at getting another mortgage to move house in the near future. My question relates to the deposit you have to give when getting a new mortage.
Can i use the equity in my current house as the deposit? Do i have to actully sell and move out of my house so the funds are in my bank account, and then use it? Or can i wait till the day i have to move out, and move into the new house?
Does that make any sence.  |
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thescruff
Moderator
Joined: 03 May 2003
Posts: 4659
Location: Bath
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| Posted: Mon Jan 23, 2006 10:26 pm Post subject: |
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You can have what is called a bridging loan, but be carefull because it can be expensive if the sale of your home drags on for a few months.
best to discuss all this with your morgage lender, as you will need to agree a new morgage first anyway.
Remenber just because you have a morgage already it doesn't guarantee they will give you another on the new property.
A morgage is not transferable from property to property |
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Rik
Joined: 10 Aug 2005
Posts: 10
Location: Leeds
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| Posted: Thu Jan 26, 2006 7:53 pm Post subject: |
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| You don't always need a deposit. We didn't for ours - it was our first mortgage. Mortgage advisors really help. |
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