Hi could someone with a bit more knowledge than me help me understand what goes where and what I’m left over with… I’ll throw a lot of info at you because I don’t know what’s relevant and what isn’t… thank you!
Currently have £60k left on mortgage, at a fixed rate of 1.39% ending in summer 2026. My monthly payments are £520.
I want to move and have just accepted an offer of £266k. They’re allowing me to port the mortgage. Could you help me understand a couple of potential scenarios:
- if I wanted to sell and be mortgage free at my next home after summer 2026 (haven’t found it yet) how much would I have to spend on my next home?
- if I wanted to sell and just port and keep small mortgage (just what I already have c60k) how much would I have to spend on my new home?
- If I wanted to sell and port this one and borrow an extra 50k how much would this give me to spend on my new home? And based on current rates what would my full mortgage be monthly roughly?
Thank you for any help, I just don’t understand well which ‘pot’ money goes to and from first etc when porting and potentially borrowing more. In all cases would an assumption if £8k cover solicitor and moving costs?