Any mortgage advisors around today?

[abitlostandconfused]

I'll be able to phone the bank tomorrow but just looking for some general guidance if you can.

We are considering moving back to the UK. By the time we've sorted everything out and made the move our cash balance will be pretty small.

We own some investment properties in the UK that value at around 350,000 pounts with apprixmately 50,000 outstanding on 1 mortgage.

My question is:

Will a bank use property as a deposit rather than cash?

Say for instance we see a house we like at 150,000 pounds would they give us a 100% mortgage but take a property as their guarantee if you see what I mean?

Thanks

Hi I was a mortgage consultant but long ago. It is remotely possible but not usual. The normal thing to do would be take out a second or remortgage on the property with equity in it and use that cash to put a deposit on your new home. 100% mortgages are virtually unheard of in the current climate.
Hope this helps/

Yes, it does. Stupidly wasn't thinking clearly about lifting some cash out of the property we have to use as a deposit!

Very unlikely they will take security in another property as a deposit. If you could you would better of rasing funds from the equity for a deposit. However you may have difficulty given that you have been abroad for a while. Lenders have become a lot stricter in the last year or so.
!00% mortgage is a no go. You need a reasonable deposit as rates can be quite high where there is little equity.