Help me think through these house nice figures

[TokyoSushi]

Bought house for £290K in 2019 with £40K deposit.

Now have £235K remaining on mortgage.

Due to massive price rises, confident I can sell this house for a minimum of £430K.

Have seen house that better fits our requirements for £400K.

After fees and faff will be able to put down £180K on that new house giving me a mortgage of £220K.

Does this make me better off, or the same, I can't quite figure it out??

Just figures, not nice figures! 🙄

What’s the interest rate on your new proposed mortgage because the amount may be less but are you going to get as good a rate as you have no so will you be paying more interest monthly

on paper better off list what I think in reality might be worse off if your rate is higher

I can find a mortgage at 1.77%

Our current fix ends at Christmas so we'd have to remortgage then anyway.

You've got a bit less house, a bit less mortgage, same amount of cash, and have paid to move.
With a house that better suits your needs. I'd move (ive just moved, I've told DH we are never moving again)

Where do you live that your house price Has gone up pretty much 50% in 3 years?!

North West, we have a huge influx of folk from Hong Kong which has put house prices through the roof, literally have people queuing outside when a certain type of house goes on the market.

The funny thing is that we'd actually be getting a bit more house for our £400K. Our current house is perfectly in the catchment area for an excellent high school. New house is ever so slightly out of the catchment area, but DC are in the excellent high school, so all sorted!

Look at it slightly differently.....

If you remortgage say that's similar in terms of application fee and mortgage valuation....

But if you move on those figures you're likely to spend:
10,000 on SDLT
5,160 on estate agents' fees at 1% plus VAT
1,000 + on removal costs
Legal fees and searches (minimal on a remortgage, far more on a purchase
Legal fees on the sale
Other costs - will you need any new curtains/white goods for the new house

That's all against a surplus of £30,000.

If you want to or have to move, you've
isnt think it's worth it. For pure cost-saving, your call but it doesn't really seem to me if you're asking.

That's really helpful @GU24Mum thank you. Maybe I'm better trying to make the current house the very best it can be. The main motivation for moving is that I'm permanent WFH and I'd really like a downstairs office rather than using the 4th bedroom, but perhaps better to think about converting the garage or similar.