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AIBU?

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Probably a stupid mortgage question

5 replies

sillyquestionalert · 15/05/2025 22:11

Not really an AIBU but I’ve just confused myself about mortgages.
currently looking to move, I don’t have a mortgage on my current house (fully paid off)
can I use the sale of my current house as a deposit for another? Or will they want me to having a chunk in the bank before proceeding?

OP posts:
Ooral · 15/05/2025 22:12

can I use the sale of my current house as a deposit for another?

Yes.

You can (and most folks do) use the proceeds of the sale as a deposit.

Ablondiebutagoody · 15/05/2025 22:13

You can use it.

AlorsTimeForWine · 15/05/2025 22:13

You can use your equity as the deposit.

Your sale will need to be completed before you complete on the new house so the funds are available upon exchange.

If they aren't you can taking a bridging loan until your old house sells but be careful! If your sale falls through the interest is very high...

Pippa12 · 15/05/2025 22:13

Yes we funded our entire move from the proceeds of our sale. Good luck!

AliBaliBee1234 · 15/05/2025 22:15

No my deposit solely came from a house sale, I would think this would be the case for most people tbh.

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