If there is not enough equity then you would need to put a down payment for the blended mortgage amount needed to close your new home purchase.

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.. how sad and draconian a world is it that the brits inhabit and do nothing about... capitalism has never been about sharing... it spun that as a cheap, mugs' myth by blair and thatcher. capitalism is solely in the hands of the old wealth base. they simply print more money. that has always led to the problem and funded the rich out of it. but it is a recent example of the ordinary bloke re-mortgaging his brains out, holidaying in the bahamas and only being able to pay for it on paper. it is not just the filthy rich that are the butt of the recent financial meltdown. in reality we all are... because we believe the existing system is the only option... often negate individual talents, and rely on peer group mediocrity that encourages people to move from blue to white collar lifestyles, which they end up hating, because the larger capitalist agenda eats that socio mobilising fodder alive. uk is still an old class culture that now administers power from the inaccessible corridors of the city, with a gentlemens' club marginalising mindset that trickles down faster than their much exulted loose change. it has exploited all and sunder for years, centuries. in the past it sent young blokes to their deaths... now it kills off generations financially (and still exports war). the few who have done well will seek to discredit those who have not - no doubt here also. look at the fundamentals of uk economy and you see a city based, scam laden, gin and port spin society, hell bent on escaping its class and wealth confining reality. obsessed by money. it has lost much of its cultural identity, faith and family values. the fundamentals of social well being. life is about sharing certainly. but you do not need that much to be able to look after family. the housing market is still down... the banks are brimming with cash... property is now about to be sold as a safe investment. the whole thing will start all over again. because they control you the lambs who live for the good life... even though you probably already have it. now they need to entice a new era of mugs to fund their next bubble. it generally takes time and dedication to get somewhere stable and satisfying. you do live in govt housing! by the time you pay a mortgage the house has cost you 3 times its value! a one bed flat in s london is still worth 120k... 20 years ago it was worth 70k... duh do the maths. ketkonen it's just a game bud. the shedding game. they have to print money - that is the only way capitalism works. http://www.youtube.com/watch?v=q8bk mncjuh0&feature=related ketkonen it's just a game bud. the shedding game. they have to print money - that is the only way capitalism works. http://www.youtube.com/watch?v=q8bk mncjuh0&feature=related http://www.youtube.com/watch?v=q8bk mncjuh0&feature=related

F...in hell ........ I'll have some of what youre smoking please!!