Numpty question: using equity for the deposit on the next house

[LizLemon]

I know that deposits get paid on day of exchange, and it filters down the line, and it's usually 10%. Say we're given a deposit of £50k, and we're supposed to give £60k, where do we find the extra £10k? We were banking on using equity as we used our savings on doing our loft conversion, but how does that work if you don't get the money until completion?

Can you tell we've never sold a house before?

Deposits don't have to be 10%, you can just tell your seller that you only have 50 for the deposit - obviously it's there choice whether to accept that, but it's usually ok.

Otherwise you'll need to borrow the money - your bank may be able to offer a bridging loan to cover the period between exchange and completion.

The money to pay for our house was mortgage and remortgage to release equity on old house (which we kept) so we had no cash deposit either. I don't recall it even being raised, certainly wasn't an issue. I guess logically there wasn't a deposit as we weren't asked for anything.