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Effectively it's all cash. Whether it comes from selling your previous property (and you may well never see the money as it may be instantly used to pay off mortgage and deposit for new place), withdrawing from an ISA, selling shares or other assets, it doesn't really matter.
aggi-
thanks, makes sense.
@umop3pisdn thats why i said ignoring SDLT ;)
rogan
How does equity work when buying 'next' home?
If I have 70k of equity, and I want to buy a 700k place with a 10% deposit, how much do i need in 'cash' on top of that? I thought I needed 5% as cash outside of equity for some reason, but i don't know why.
(ignoring SDLT and moving costs)
tldr; we might accelerate our plan to move after 5 years of owning the flat, to 3 years (when our fixed term ends) which is next year, seeing as I think we're at a point where we're more likely to earn less in the future, than more.