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Struggling to work out how much I have to move house
Hi, we're selling our house (on at 295k) and moving to a different city (I have estimated all costs associated with that inc legal, stamp duty, removals, ERC, estate agent commission etc at 16k approx. )
My mortgage is currently 101k.
Sorry for these stupid questions but I can't get my head around it - If I sell for 295 and deduct mortgage and all fees I would have £178k in profit - is this correct? Do I need a mortgage for this amount for the new house or is that cash in hand to buy new property with?
Comments
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Assuming the figures you have calculated are correct then yes, you will have £178k to do with as you please.
I am not sure what you mean by your last question. The £178k can go towards funding the new property, or not. It's up to you. Of course if you don't use any of the £178k on the new property then you'll need to find a deposit and mortgage from somewhere.
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How much is the new house? The balance will either be paid back to your bank account, or more likely held by your conveyancer as a deposit for the new house. You will then need a mortgage for the shortfall, if there is one?
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Baby Step 6/7 . £20000 + saved and invested. £47,000 deposit paid on new home CONSUMER DEBT FREE !!!0 -
It is up to you hoow much of the £178k you use as deposit on next property assuming that you need a mortgage for remainder.
Most mortgage lenders wwould expect you to invest a large proportion but you might want to retain cash for up coming projects
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