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Mortgage moving and profit question
gerard1979
Posts: 5 Forumite
Hi I am currently in a 4 year fixed In its first year at 3.99%. Mortgage debt is currently approx £90100.
We are thinking of moving home. We have been valued at approx £134000.
However the home we are thinking of buying is £70000.
I am slightly unsure how to calculate the profit from this potential sale and subsequent porting of mortgage.
Is it £134k - £70k = £64k then take away the £20100 to bring the mortgage down to the £70k plus charges of 3% (£600) with a new 5% deposit needed of £3500.
So its £134K - £70K -£20100 -£600 -£3500 = £39800
Is this correct?
Many thanks in advance.
We are thinking of moving home. We have been valued at approx £134000.
However the home we are thinking of buying is £70000.
I am slightly unsure how to calculate the profit from this potential sale and subsequent porting of mortgage.
Is it £134k - £70k = £64k then take away the £20100 to bring the mortgage down to the £70k plus charges of 3% (£600) with a new 5% deposit needed of £3500.
So its £134K - £70K -£20100 -£600 -£3500 = £39800
Is this correct?
Many thanks in advance.
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