Moving house with debt

cadjockey

Hi

Wonder if anyone could help?

I'm thinking of selling my house and buying somewhere else more expensive, I have quite a bit of equity in this property (less than 30k left on value of about 125k) I;m planning to spend about 180k. unfortunately I have an old car loan of about 6k and some cc's about 10k. I'd like to clear those at the same time.

If I sell my house for 120k, can I keep 16k to pay off debt, pay 26k to clear the old mortgage and put the remainder to the new house? (getting a new mortgage for about 110) or would it be classed as an extra secured loan on the new mortgage?

oh, and thinking of going with First Direct track 65% LTV

Thanks

CJ

VIGILANT22

Dont understand your question fully..Money left after clearing debts will form deposit for mortgage on new property...is yr current mortgage not portable to new property?

cadjockey

I'm currently locked into Northern Rock fixed, was hoping to ditch that at the same time and pay the fees. Just wanted to clarify I didn't have to put all of the sale proceeds to the new place, which it sounds like I don't

andrewmp

cadjockey wrote: »

I'm currently locked into Northern Rock fixed, was hoping to ditch that at the same time and pay the fees. Just wanted to clarify I didn't have to put all of the sale proceeds to the new place, which it sounds like I don't

It's up to you what you do with the sale proceeds for your house (obviously after you pay any outstanding debt/fees).

As long as you're within LTV requirements on your new mortgage of course.

Good luck with your sale/purchase.

cadjockey

thanks! All I wanted to know :j