New to mortgages need some advice please!

Mr_no_dough

Hi guys, somethings always puzzled me about selling houses and buying new ones so I'm hoping you ladies and gentlemen can break it down to me in broken down terms for me please! So -

If I buy a house for £200,000 and put down a deposit of £20,000, pay off 2 years worth of the mortgage, (I don't know about rates/interest yet so you'll have to help yourselves with that!)

After those 2 years I sell my house for £220,000, and buy a house for £250,000, How much do I actually get back for the sale of the 1st house after all fees etc?

Many thanks for your kind help

Mr no dough

ACG

£200k - £20k gives you a mortgage of £180k
So if you sell for £220k you would have £40k (Plus any mortgage payments and then minus any fees for estate agents etc).

So when it comes to buying the new property you will have £40k deposit give or take.