My feed
Premium

Please
or
to access all these features

Join the discussion and meet other Mumsnetters on our free online chat forum.

Chat

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:
Report
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.

Report
AgentProvocateur · 17/10/2020 09:39

Yes the equity in your current house is your deposit.

Report
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.

Report
FourEyesGood · 17/10/2020 09:40

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

OP posts:
Report
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).

Report
Please create an account

To comment on this thread you need to create a Mumsnet account.