When I bought my house I was tenting so have never been through the process of buying and selling before! I just want to know if I have the process right!
I have a valuation next week any I think I will have about 55k equity in my house. When we bought this house I worked part time but now work full time so I think we should be able to borrow more than we did previously.
Once I put my house up for sale do I then get a mortgage in principle agreement to show I can afford my next house? Then if/when my house has sold do you literally get the difference between your mortgage and how much you have sold the house for returned to you? I want to keep 20k to pay off various bits and pieces which will still leave me with 15% deposit to put down on my next house. Can I do this?
Then when I buy my next house the cash will be in the bank for the deposit and I will also keep £6000 Back for solicitors fees etc?
I have never been through this process before and feel so nervous!!!! And just for context I live in a really cheap area which is why the figures are fairly low!