Stupid Question on How Much I Need to Borrow

TractorFactor

I think I may have mis-calculated here.
We're selling.
I can port my mortgage to the new property.

Mortgage left is £100,000.
We sell our house for £200,000.
House we're buying is £350,000.

Does this mean I need a mortgage of £150,000?


Boring bit:
I originally thought it was going to be £250,000 as we'd use the £100,000 of profit as a deposit, then need £250,000 to get a new mortgage to make the £350,000.  But that doesn't take into account the original £100,000 left on the mortgage.
I have simplified the numbers for this but they're around about the right figures.

Thank you for any help.
My mind is boggled.

FlorayG

Look at it this way
you sell the house and pay off your current mortgage
you then have £100k in the bank
you pay the 100k as a deposit
How much do you still owe on the house?
I make it £250k

Sometimes you can get yourself in a tizzy trying to work out finances

amnblog

Look at is this way....

Separate the sale from the purchase as you pay one mortgage off (mortgage 1) on sale - and take another mortgage (mortgage 2) on purchase.

You port the product rate, not the mortgage

Sale price £200,000
Cost to repay mortgage 1 £100,000

Leaving Funds to go forward £100,000

Purchase price £350,000
Funds available £100,000
Mortgage 2 Needed £250,000

You put £100,000 of lending on mortgage 2 on the ported product rate, with the remaining £150,000 of lending on a new product rate

Obviously, there are complications like agents fees and taxes, but you get the idea.

ACG

You need £350k. 
You will have £100k from the sale of your house.

That leaves you needing £250k. 
If you are porting over the £100k mortgage you currently have, then you need an additional £150k from the same lender. 
If you are not porting over the mortgage then you need £250k from a new lender. 

TractorFactor

Thank you both for sorting out my mind mush.