Mortgage depsoit

MEEKUS

Hi 
Me and my girlfriend are looking to move house and I would like to run. Some figures through with you. 

Basically... 
WE bought our house 89, 950
We had a deposit of 20,000
We also pay 300.00 mortgage a month since 09/20.
WE have 10,000 deposit with savings to help towards our next home
Our house is up for sale for 115,000

So how much will we get towards our next house? I reckon it's 45k unless I've done and understood things wrong

user1977

What you get is the price minus whatever the mortgage balance is (you haven't told us the latter).

Soot2006

I'm assuming a mortgage of £69,950 at 2.1% over 25 years without any fees added to the mortgage.

So remaining debt of approx £65,601.

Let's say you get £115,000-£65,000 = £49,000 minus fees

So you're about right!

MEEKUS

user1977 said:

What you get is the price minus whatever the mortgage balance is (you haven't told us the latter).

65k

I didn't know it was that simple equation lol

MEEKUS

Soot2006 said:

I'm assuming a mortgage of £69,950 at 2.1% over 25 years without any fees added to the mortgage.

So remaining debt of approx £65,601.

Let's say you get £115,000-£65,000 = £49,000 minus fees

So you're about right!

Thank you  

MEEKUS

Second question....

I have heard of a exchange deposit, can this money come from the 49,000 profit we have made?

Mutton_Geoff

Can you port your mortgage? Will the lender still support the same level of loan you already have? Has your salary increased such that you could borrow more? Could you afford a larger mortgage?

In simple terms, if nothing changes, sell for £115k, add your £10k savings, take off £5k (at least) for moving costs, your onward purchase would be c £120k. Are you sure it's worth it just two years in? Just ask your lender for a redemption figure and whether you can port your mortgage.

dimbo61

Don't forget the buying and selling costs !