Moving from help to buy to non help to buy

ryanoeix

Hi I’ve purchased a help to buy house at £375,000
5% my deposit £18750
20% help to buy £75,000
80% mortgate - £281,250

i want to leave this house and sell it for the original price I have lived there 3 years when I sell the property the 20% loan will be deducted from the house and paid back what I understand.

so I’m left with my current mortgate and my deposit what adds to a total £300k

If I want to buy a bigger house that’s £350,000 will my morgate company let me increase my current mortgate even though Initially only paid a 5% deposit? Or will I need to save the extra to obtain say 10% of the new £350k house as they would be loaning me most of the percentage of the house price when usually you have to save up 10% deposit 

Caz3121

for calculation purposes maybe look at these in 2 parts.
You sell for the same as you purchased and pay back the £75k HTB. This leaves you £300k less selling fees....from this you pay off the outstanding mortgage of £x (you have 3 years of payments so the original amount would have reduced) leaving you £y for the next property
New property £350k, your mortgage provider will have a max LTV....some may be 90%, currently 85% may be more common.
If they offer 90% LTV products you have a mortgage of £315k so would need an income to support that, plus would need a deposit of £35k plus buying costs
If the mortgage is affordable and your £y from selling is higher than the deposit + buying fees then all is good.