I'm not sure where to post it, and tbh at the moment its more hypothetical than a I-need-to-know-right-now-or-else. But I like being prepared, and fb is determined to keep showing me house for sale, and giving me ideas.
So how buy your next home? Or more specifically, how do you pay for it? Especially when you're buying a property that would cost more than your existing?
I can't seem to find anything that explain whether I need (another) £10k in the bank, or if it is all meant to come from the property sale. Its all first time buyers and re-mortgaging when I search....
I sort of see it like this - current mortgage £150k, House sells for £180K Pretend New house, £250K.
Sale pays off current mortgage leaving £30k - this "spare" £30k acts as the deposit on the new house. Does it all have to go to the deposit? Or only an agreed amount - so you say i'll put down £20k deposit and the remaining £10k can be used to pay fees and whatever?
Or am I meant to have £10k in the bank ready to pay fees and stuff up front?
Wish they explained this in school instead of making plastic spirals in DT....