**Please Help!**

[carlychristmas]

i have sold my house and am looking to buy a new one the only problem is,beacause im still on this mortgage with my xp i cant go on one with my dp this means that they cant take my income into consideration, and his income alone wont allow us to get the house we really liked. But i came up with an idea. I will get money from this house, enough to put a 5% deposit on the house we really liked and then dp could get a 95% mortgage, as it looks better if you have a deposit. Hear lies the problem though. When is the deposit payable? Because if it is before we move in i have no chance as i wont get the money before completion date on my house . Or is the deposit paid upon completion of the house we want? im sorry if this is confusing but i am a complete loss. I would be very grateful for any advice thanks

Would ownership of the two properties be likely to overlap? If not then I'm surprised they won't take your income into account (if you were still with xp and wanted to move they'd probably provide a mortgage offer based on both incomes even though you hadn't completed the sale yet ), although that is their prerogative. Think the deposit is payable to solicitor on exchange but doesn't actually get forwarded to vendor until completion. Could you take out a loan short term ?

A deposit by definition is a downpayment before the transaction is completed, so my guess is that it is required before completion.

The sale and purchase will overlap if we were to go ahead with it, so my income cant be taken into consideration and i hate the thought of taking out a loan and having to pay all the bumpf that goes with it like arrangement/admin fees and then the interest and early repayment oh well looks like back to the drawing board thansks for your help though