So here is the conundrum

I have a home which is mortgage free and worth 100k , I want to move house and have seen a property worth 230k, I want a mortgage for 130k and have been told I need to get a deposit equal to 10% of the purchase price of the property I want to buy.

This cannot be correct can it?

I have £100,000 in equity or 43% of the value of the house, but I am classed as needing a 100% mortgage if I have no deposit (requiring 130,000 with no deposit is a 100% mortgage).

I cannot believe that someone with no debt or loans who pays of the credit card each month without fail and has a professional secure job cannot get a mortgage or the money to move house

One thing I will point out is that both my wife and I are in our early 50s and have good jobs with a clean credit history and sufficient funds to enable the new mortgage to be paid off within 10 to 12 years but we would still need to get this huge deposit together despite already being on the housing ladder and equity rich.

The lending criteria has changed to such an extent to exclude people like us who could stimulate the housing market by moving from our first time buyers house and allowing someone to buy our home and then get themselves on the housing ladder. Of course I can hear the groans and gasps of those out there who are saying just sell your house and move into rented accommodation for a few months. Yeah if was that simple and I knew the mortgage was guaranteed and not just valid for 2 or 3 months as they now are then yes I may do that, BUT would you give up your own home which you own and move to rented accommodation and hope and pray that the lenders would not renege on you and then deny you a mortgage and trap you forever in rented accommodation. I think not!

I am quite a savvy person but I just cannot see a way out of this, even if I take out a unsecured loan for the deposit this will go against us when applying for the new mortgage as the deposit has to be from a non-repayable source and the means NO loans.

Has anyone else encountered this and is there a way around this