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umop3pisdn
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.