New home - cheaper. Deposit???

[salvatoresandwich]

Hi all,

I'm being a little dumb so need your help!! Selling price of house is 130000. Buying price of new home 90000. Profit on existing house is 15k. Is it a clean slate starting from scratch? The profit made has to go as a deposit for the cheaper house??
Thanks in advance xx

I suspect it depends on whether or not you are getting a new mortgage? Or is the current one portable?

So you bought for £115k, selling for £130k, buying a new house for £90K?

After moving costs - EA fees etc, if the lender is happy with the LTV I suppose you could spend the profit thats left on crack and labradoodles if you want, but in that situation I would use it a deposit I expect

it needs a little work but have 10k saved.