Existing mortgage moving to new house

Hi all,
I started my mortgage with Nationwide in 2018 and the initial borrowed amount was 157,500 on my 3-bed property at 90% LTV 2-year fixed term. At "end of term, i switched the product at 75% LTV (though I had to pay some extra amount so the LTV was at or below 75% to get the best interest rate), current outstanding amount 142,500 . There have been some changes to my circumstances as I had my 3rd child. Recently thought of moving to a 4/5 bed house.

I have some money now. 
 Which would be better, to repay my outstanding mortgage (no other debts) or save deposit for a bigger house?
If I have the option of moving to a bigger house, would I be able to release any shortfall of deposit form the current house and use it in the new property.
Do i have to give the full deposit for the new house or the bank will wait until my current property is sold all this will be considered as chain.
Thank you,

Meet your Ambassadors


  • All Categories
  • 341.7K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.8K Work, Benefits & Business
  • 605.9K Mortgages, Homes & Bills
  • 172.4K Life & Family
  • 246.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards