Mortgages when moving home? Can it be carried on and we just borrow the extra needed ?

[Rainbow1989xxx]

Sorry my question may sound stupid, but my brain and maths do not work well!

I'm obviously going to contact my mortgage company, but I wanted to see what options may be possible first

We currently own a house (2nd house we've owned ) and we are thinking of up sizing

When we moved 1st time , we sold 1st house, used equity etc as deposit and re started a 25 year mortgage

If we sell our house for what we have been told its worth (£385000) we will have £155000 deposit from equity

The house we are looking at is £450000 , is it possible to just add the £65000 to our mortgage? Or do we have to start again with the mortgage? Probably sounds like a stupid question but these things confuse me!

I know now Probably isn't tjr best time to move, so we obviously need to take that into consideration as well.

We are currently on a fixed rate with our current mortgage for another 18 months ,but obviously we have no clue weather rates will go up or down by then!!

When using a mortgage calculator online the prices are crazy! And I'm not sure if I'm doing correctly, or if it's just because interest rates are crazy at the moment

Any advise much appreciated

Some mortgages are 'portable' so can be moved over to a new property and additional borrowing is added on with a new mortgage (and rates). To do this you'd need to check with your current lender that the first mortgage is portable. Obviously this means you have to stick with your current lender for the additional borrowing.

Sometimes (unlikely now) it would be cheaper to move to an entirely new lender for everything but with redemption penalties on your current mortgage and the recent jump in rates, it's unlikely to be in your benefit.

@lionsleepstonight thank you for your reply, I think I will have to contact my lender to see what they say

We've just ported our 5 year fix, which had 1 year 7 months left at 1.65%. Saved us a £6k early repayment charge and having to go onto a new, much higher interest rate for the remainder of the fixed term. If you want to borrow more then that part would be processed as a separate, second mortgage which would be at the new rates etc.