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Selling and buying house at same time -- deposit?

frustrated1 · 2014-10-18 00:27:14

Hi Need some advice. Selling at the moment and then need to buy immediately. The deposit for new house would come from profit I make from selling current house. Let's say I sell for 180k and leaves me with profit of 20k after paying off current mortgage, plan was to use that 20k as deposit on new 200k house but it is…

18-10-2014 12:27am

#1

frustrated1

Registered Users, Registered Users 2 Posts: 77 ✭✭

Join Date: October 2006

Posts: 55

Hi

Need some advice. Selling at the moment and then need to buy immediately. The deposit for new house would come from profit I make from selling current house.

Let's say I sell for 180k and leaves me with profit of 20k after paying off current mortgage, plan was to use that 20k as deposit on new 200k house but it is possible to line all of that up or am I dreaming.

What would you do?

I have a family so we are trying to do this seamlessly as possible for kids / school moves etc.
We don't have 10% deposit in cash, it will only come from sale... And we are up against it trying to sell and buy before Jan... Before bank will only be allowed lend 80% and we have to come up with 20% ourselves... It would mean we more or less could never move.

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