Mortgage downsizing maths

mjn

Hi all. I am selling my house worth £300000 and buying a new property costing £220000. My current mortgage is £250000 meaning equity of £50000. The product is an 85% LTV and i will be porting my mortgage on the same terms. Therefore my new mortgage will be £187000 (85% of £220000).
Here is where my brain is overloading.
How does the process of transfering money go?
How much do i pay to mortgage company?
Is it the difference between the two amounts (£63k) therefore leaving me £13000 short after using up my equity. Or do i pay them £33000 out of my £50000 using it up.
Surely when downsizing, i should still have all my equity!
Please could someone write the workings out down for me to understand.
Thanks

Thrugelmir

You repay the mortgage company £220k when you sell the property.

You then borrow £187k.

Out of the £80k you realise on sale, £33k will be required to meet the remainder of the purchase price.

These figures exclude all legal fees, estate agents fees and stamp duty. Which will reduce the £47k you will net gross from the transaction.

ManAtHome

MJN has a £250k mortgage, so £50k realised on the sale leaving £17k less fees etc after funding the £33k deposit on the new house.

Evilm

Excluding fees this is the situation (in short agreeing with ManAtHome):

old house sale 300000
new mortgage 187000
487000

old mortgage 250000
new property 220000
470000

Left over 17000