How much can I afford?

[meandtheboy]

I'm being dim/have got into a tangle - please help me work this out!

I bought my house for £250k, it's now selling for £330k and I have a portable mortgage of £100k.

How much can I spend on my next property?

Thank you!

So you have £100k left on the mortgage? Which means £230 equity.
So you have 230 + 100 + anything else you can borrow, depending on your income.

Minus costs for solicitors, estate agents, stamp duty and any work you plan on doing to her house straight away.

Well, your mortgage company will tell you. But if it's totally portable, basically £330,000. But minus stamp duty, removal costs, any work that needs to be done on new house - or, alternatively, plus any extra cash you have to put in.

Thank you both, I'd just got myself in a knot thinking about the equity I had when I bought it (the £250k) and the mortgage I have now (the £100k) and how that changed depending on the sale price...and the more I thought about it the tighter the knot got, so I thought I'd ask on here :)

Ignore what you bought the house for it's irrelevant. You have whatever you get for your current house, minus fees and stamp duty and you will have a £100k mortgage. So say you sell for £330k maybe you'll have £310k - £315k left if you don't want a bigger mortgage. Otherwise it's £315k plus whatever extra you can borrow on top of your already £100k mortgage so say you increased your mortgage to £200k you would have about £415k to spend. Obvs I am not privvy to your estate agent fees (£3k?), mortgage fees(£1k?), solicitor fees for buying and selling (£3k?) Stamp duty (£8k?) or what you might spend on removals (£2k?) Xx