Selling a house and mortgage for newbie

chriz1

Hi I'm new to selling a home so please bear with the dumb questions!

Me and my partner have a mortgage for £125,000 for our very first house,we'd like to sell and find another for around the
Same price just closer to my parents, I'm looking for some advice on what to expect and how to go about things,
Correct me if I'm wrong but this is how I understand it so far,
I have to seek my house for £125,000 to enable me to pay off the current mortgage,I can then look for another house and take out a new mortgage?
Question is if my current house doesn't sell for the £125,000,say £120,000 could I not carry this £5,000 debt onto the new mortgage?

[Deleted User]

Hi,

I would think that when your first house sells that'll be the end of that deal, then you will have a new set up on the new house, you will need to work this out with your mortgage provider.

The way house prices are just now, you will be lucky to get your £125000, then you've got £2000 or £3000 selling and buying fees.

bigadaj

You need a deposit for your new house, 5% at least but ideally 10%, so you need ten grand to make it work.