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Calculating Size of mortgage required
mattb1984_
Posts: 1 Newbie
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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Comments
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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.0
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