Mortgage advice after long (happy) time in situ?

redandblue69

Goodevening,

Quick question to you all to aid some sums going around in my head. So long since we've done this we've become a bit rusty!

Current mortgage taken out 1992; £50,000
Balance remain as at Dec 2012; £17k
Current approx property value; £170k
Value of potential new property; £270k

Am I right in thinking I can port the balance of my existing mortgage along with the balance of any sale proceeds against the agreed sale-price of the new property?

i.e. ...

£270k less £120k (£170k less £50,000) less £17k?

Excuse any confusion but thanks for any help!

redandblue69

Dave_the_Ginger_Cat

I'd look at this way.

Your house today is worth £170k-£17k=£153k

This is how much cash you've got to put down against your new house plus anything you have in the bank

So based on what you say, the amount you'd need to find on a mortgage is £270k-£153k = £117k

Another way of looking at is if that your house price is going up by £100k, so would your mortgage.

As to whether you should port the mortgage, it depends a) if it's a good rate, and b) if your lender will let you

Good luck in finding a new house

redandblue69

Ok thanks. Like I said I've been out of the cycle for a while so it looked simple enough but the more I looked at it the more confused I became!