Daft question - upsizing and borrowing more with NW

Popz

Hello guys

Embarisngly daft question alert so please bare with me.
We are looking at upsizing from our current home which is valued at £175k - have around £72k mortgage still outstanding. I'm with Nationwide into the second year of a 5 year fix and given the ERC would be staying with NW to borrow more. The property we are looking at would be around the £250k mark. I'm logged into my online NW account and stuck my details into the calculator but I'm confused about how much I am looking to borrow?
For the amount I want to borrow, do I input £147k (including the outstanding existing mortgage) to cover the full shortfall or would I input £75k and disregard the existing amount left? 
Thank you in anticipation of your help guys

dimbo61

Well you need £147,000 mortgage plus the equity in your current home to move.
Have you taken into account all the other costs ? Legals, set up fees, Stamp duty, moving costs, surveys, etc
You might end up with 2 parts to your mortgage.
The existing deal at your current rate and the new £75,000 at the rate they offer for second loans.
You need to find out if you could get a good deal for the whole amount even taking into account any ERC,s to move lenders.

Sparklestar1127

Not daft at all we were in the same position. Looking for 48k more from NW. I also couldn’t work it out so broker did it for me ha ha! 

Popz

Sparklestar1127 said:

Not daft at all we were in the same position. Looking for 48k more from NW. I also couldn’t work it out so broker did it for me ha ha! 

Thank you both

I'm glad i wasn't the only one confused, they don't make it straight forward!