We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Calculating buying power for move
vaderag
Posts: 307 Forumite
I suspect this is a really easy question that i'm just getting my head in a twist over...
I'd like to work out what I could afford with my next move - I have an existing mortgage which i have paid off a chunk of, and i want to know what i can afford taking that into account...
How do i work this out? All the calculators online dont seem to allow you to put this in...
Is it as simple as taking the outstanding mortgage value and subtracting that from the selling price to find what i could give as a deposit and going from there??
I'd like to work out what I could afford with my next move - I have an existing mortgage which i have paid off a chunk of, and i want to know what i can afford taking that into account...
How do i work this out? All the calculators online dont seem to allow you to put this in...
Is it as simple as taking the outstanding mortgage value and subtracting that from the selling price to find what i could give as a deposit and going from there??
0
Comments
-
Yes, but unless you are putting in savings, don't forget the selling and buying fees will have to come out of that equity too.Is it as simple as taking the outstanding mortgage value and subtracting that from the selling price to find what i could give as a deposit and going from there??I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Great - thanks
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards