Goodevening,
Quick question to you all to aid some sums going around in my head. So long since we've done this we've become a bit rusty!
Current mortgage taken out 1992; £50,000
Balance remain as at Dec 2012; £17k
Current approx property value; £170k
Value of potential new property; £270k
Am I right in thinking I can port the balance of my existing mortgage along with the balance of any sale proceeds against the agreed sale-price of the new property?
i.e. ...
£270k less £120k (£170k less £50,000) less £17k?
Excuse any confusion but thanks for any help!
redandblue69 :)
Quick question to you all to aid some sums going around in my head. So long since we've done this we've become a bit rusty!
Current mortgage taken out 1992; £50,000
Balance remain as at Dec 2012; £17k
Current approx property value; £170k
Value of potential new property; £270k
Am I right in thinking I can port the balance of my existing mortgage along with the balance of any sale proceeds against the agreed sale-price of the new property?
i.e. ...
£270k less £120k (£170k less £50,000) less £17k?
Excuse any confusion but thanks for any help!
redandblue69 :)