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Amount of deposit available

I have savings of around £11k and bought a flat in the late 2010 for £110k. If I can get the flat sold at £140k, am I considered having a deposit of 11k + (140 – 110)k = £40k?

Asked on Sep 19 2016, Home Finance in West Sussex | Report content

Answers (3)

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  • This would depend on whether you paid cash for the property or whether you have a mortgage. If you have a mortgage it would also depend on what type. However, yes it would work out as above, but you would have to cover solicitor costs so the actual figure of £40k may drop by a few thousand. Well done for making a decent profit over a 6 year period.

    Answered on Sep 20 2016, Report content
  • Don't underestimate the costs of selling and the possibility that you may not achieve the price you want. Better to think £30–35k.

    Answered on Sep 20 2016, Report content
  • Thanks for your answers.

    Answered on Sep 27 2016, Report content

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