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Buying a house - deposit?

5 replies

FourEyesGood · 17/10/2020 09:37

As an almost 42 year old, I feel I ought to know how grown-up things work. I don’t.

I have a mortgage on my house, and have around £45k left to pay on it. DH and I are thinking of trying to sell this house and move to a nicer place, but there’s so much we don’t know about the process. I’ve searched for information, but it all goes into more detail than I want at this stage, or it’s much more aimed at first-time buyers.

My question is this: do we need to save for a deposit again or is our current house our ‘deposit’ towards the next one?

OP posts:
milienhaus · 17/10/2020 09:39

The amount you sell your house for minus £45k (outstanding mortgage) is your next deposit. You will need to pay for stuff like solicitor fees / stamp duty though in cash.

AgentProvocateur · 17/10/2020 09:39

Yes the equity in your current house is your deposit.

GU24Mum · 17/10/2020 09:40

If someone is also buying your house in the same chain then their deposit goes up the chain ie you don't all need to stump up individual 10%s. You may need to top up if you are buying a more expensive house than you are selling though it's not unheard of for the deposit percentage to get smaller up the chain - but safer to assume you'll need to find the balance.

FourEyesGood · 17/10/2020 09:40

Thank you! That’s so helpful. We can start looking then! Exciting!

OP posts:
BashfulClam · 17/10/2020 10:28

Remember to take about £5k off as you’ll need approximately that for legal fees and enough for stamp duty unless that’s on hold (I’ve lost track).

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