Selling house and have a maths qeustion!

pstones578

Could someone shed some light on this situation for me.

Bought house a year ago for £134,000 and paid a £6,700 deposit.
Have overpaid by £1250
Am selling for £152500
Have a together mortgage with Northern Rock and they gave us £1000 cashback as part of the deal repayable if we leave them within the first 3 years.
Selling through an estate agent with 1% (+17.5%) fee.
£400 mortgage exit fee, this is an approximation
Solicitors fee's around the £500 mark approx (does this seem reasonable?)

My question is mathematical. Am I right in saying that the money that will be left after the sale is as follows (or there abouts)?

+ £6,700 deposit
+ £1,250 overpayment
+ 152,500 sale of house
- £125,000 owed on mortgage
- £1,000 back to NR
- £400 Mortgage exit fee approx (not sure on this so guessing)
- £1791 estate agent fees
TOTAL REMAINING = £32,259

I suppose I'm after someone saying my maths are good and also are all my +'s accurate or are there any missing and also are all my -'s accurate or are there any missing?

Suewre

Why is the deposit in the calculation?

Does the amount owed on your mortgage not already include the overpayment?

I think it should work more like this

Sale of house £152,500

minus mortgage settlement figure either £125,000 or £123,750 depending on whether the repayment is already included
minus repayment of cashback £1,000
minus estate agents fees £1791
minus mortgage exit fees (£400)
minus solicitors fees (£500)
= £23809 or £25059

dmg24

Is their an Early Repayment Charge on your mortgage?

If so, this could be up to 3% of the amount borrowed, which would be £3819.

I am with Suewre on this, unless you have not explained your figures correctly in your post x

pstones578

Suewre wrote: »

Why is the deposit in the calculation?

Does the amount owed on your mortgage not already include the overpayment?

I think it should work more like this

Sale of house £152,500

minus mortgage settlement figure either £125,000 or £123,750 depending on whether the repayment is already included
minus repayment of cashback £1,000
minus estate agents fees £1791
minus mortgage exit fees (£400)
minus solicitors fees (£500)
= £23809 or £25059

Exactly why I asked. I shouldn't be inlcuding the deposit should I ;-)

pstones578

dmg24 wrote: »

Is their an Early Repayment Charge on your mortgage?

If so, this could be up to 3% of the amount borrowed, which would be £3819.

I am with Suewre on this, unless you have not explained your figures correctly in your post x

I'll check my documentation when I get in and see where I stand on early repayment. I think as I will be buying again in 3-6 months I may be able to port the mortgage to my next property and therefore avoid the early repayment fee.

aunat

pstones578 wrote: »

I'll check my documentation when I get in and see where I stand on early repayment. I think as I will be buying again in 3-6 months I may be able to port the mortgage to my next property and therefore avoid the early repayment fee.

Peter -

I too have a 'together' Mortgage with Nothern Rock. You do have an early repayment pentaly, but that is only until the Fixed-Rate period ends, However you can pay as much as you want off, but leave £1 ongoing. (6.49% Interest isn't much on £1! :rotfl: )

However, regardless - You can still transfer your mortgage, fixed or not.

My question to you is, I also have this £1000 cashback deal thing - Did you receive these funds instantly? Because I never did.. needless to say I've only noticed in the last few days.

(3 years into a 15 year mortgage on a 5-year fixed term)

pstones578

aunat wrote: »

Peter -

I too have a 'together' Mortgage with Nothern Rock. You do have an early repayment pentaly, but that is only until the Fixed-Rate period ends, However you can pay as much as you want off, but leave £1 ongoing. (6.49% Interest isn't much on £1! :rotfl: )

However, regardless - You can still transfer your mortgage, fixed or not.

My question to you is, I also have this £1000 cashback deal thing - Did you receive these funds instantly? Because I never did.. needless to say I've only noticed in the last few days.

(3 years into a 15 year mortgage on a 5-year fixed term)

That's an excellent idea, clear it all bar a little bit. I wonder if they have anything stopping you doing that? We got the £1000 straight away. You still haven't got it then?

aunat

Northern Rock certainly don't stop you doing that - You can clear it right down to the last £1 before the Fixed Period Ends. Anytime after that, you can pay off the remianing balance, penalty free. That's IF you wanted to be mortgage free that is. If you're going to buy another house, then just remortgage using Northern Rock and use your equity in your current property as a deposit; that way you'll end up with a much better rate than 6.49%.

And remember, Northern Rocks 'together' Mortgage will always allow you to overpay, right upto that last £1, penalty free, before that Fixed Rate Period Ends :T

I've checked my statement, and don't see any £1000. So I assume I never received it - I thought they may give you it after your fixed-rate period you see, which is the reason I was asking.

Time for a phonecall me thinks