Selling my house, buying another house

G

Gulliver1

Registered User
Messages
150
Hi all:

I bought my first house almost three years ago. I am considering moving home to another area so am looking for advice regarding mortgages etc.

If I sell my house within in the near future I will more than likely just break-even and thus lose my deposit that I used to purchase the home I am in now.

If I wanted to purchase a new home (of slightly lesser value) and had no deposit this time around, how would I manage it? i.e. would the Bank allow me transfer the current mortgage I have onto another property or would I have to apply from scratch all over again?

I hope this scenario makes sense and I would appreciate any advice/suggestions you can offer me.
 
You would have to come up with the deposit for the new house and you would need to apply from scratch again.
The maximum mortgage you can get is 92% so you will need a deposit of 8% of the new purchase price plus stamp duty if applicable.
 
You must log in or register to reply here.
Back
Top