embarrassing question about principle of mortgage

Snow_Dog

Usually if you are selling and purchasing the same day (completing) then the paperwork will be timed by the solicitors to clear the one mortgage and receive the cleared funds for the new one.

Most of this is transparent to you, you just need to instruct the solicitor and sort out the mortgage, which the most sensible route is to go to an all of market mortgage adviser, they will (if they are good) do all the donkey work of finding you the best mortgage for your circumstances and usually complete most of the paperwork as well. They really are worth their weight in gold if you find a good one (and they are not a porky).

Sorry to hear you are experiencing trouble.

sooz

Snow_Dog wrote: »

Sell house for £190K

Pay off mortgage of £47K, leaves you with £143K in your pocket

Find nice house with roses over the door for £230K, you need to borrow £87K in the form of a mortgage.

Clear as mud.

And yes it does appear slightly windupish.

actually he won't have £143k left - see Kokodan's post - this is before all selling costs.

As Jock explained, you won't actually have to find the £47k to repay your mortgage before you sell.

There is a possibility that you could port your current mortgage over to a new property, but this would need to be discussed with your current mortgage provider....and I'm sure there would be some fees for doing this.

Zammo

dk67 wrote: »

believe me - this seems a silly question, but when you are experiencing unexpected and tragic difficulties in life, you sometimes lose the ability to think as rationally as you usually do!

Yes, when my mother passed away I too remember that I lost the ability to perform basic subtraction.

poppy10_2

Zammo wrote: »

Yes, when my mother passed away I too remember that I lost the ability to perform basic subtraction.

LOL :T:rotfl:
It's more the inability to differentiate between subtraction and addition.