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We are selling our house on a portable mortgage. My question is when I sell this house and buy another do I have to pay another 10% deposit again ?

I have no idea if I'll be expected to pay another deposit for the new house I want to buy. I put down a 10% deposit on the property I'm in now in 2008 and wanting to move portable mortgage?

Asked on Jan 10 2010, General in Middlewich | Report content

Answers (1)

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  • You would be best talking to the bank or building society with whom your mortgage is with. They may have some criteria surrounding the porting of your mortgage, especially with the constant changes in the finance sectors, their terms and conditions are changing constantly. If you have equity in your property this will act as part of your new deposit or even all if you property has gone up enough, if you are then moving upwards in price you will almost definately need to top this up to ensure your loan to value on the new home is not higher than when you took the deal out first time round. All a bit confusing with porting mortgages sometimes, so definately talk to your lender.

    Answered on Jan 10 2010, Report content

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