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Calculating Size of mortgage required

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Hi hope someone can help explain, if I am selling a current property with approximately 60 thousand equity as a result, is it as simple as applying for a mortgage less the 60 thousand of the price of the new one. My real question I guess is as this equity figure is constantly changing and approximate do you urge on side of caution and get a mortgage slightly over what you need to be safe and what happens with the excess if there is any on completion.  Thanks for any advice 

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  • Edi81
    Edi81 Posts: 1,501 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Personally I’d go for slightly higher than you need just in case but avoiding a higher LTV if possible. Remember to include costs such as estate agent, conveyancing, stamp duty, removals. 
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