How does selling your house work when you have a mortgage?

[BlueGown13]

Do you sell as close to the mortgage deal ending etc?
Do you get a new mortgage for the new property I'm guessing that would need to start after this date?

You port your mortgage, which isn't exactly as it sounds- basically you pay off your existing mortgage by selling your property, and then take out a new mortgage on the new property at the same rate. You transfer the rate really, not the mortgage. If the new property costs more, you take out a smaller top-up mortgage to make up the difference- this will be at whatever rate the mortgage is now.

You don't have to wait for the fixed term to end, you can sell any time (but you may have to pay an exit fee- check with your provider).

It depends. Often you can just port your existing mortgage and borrow more if needed.

Or you apply for a new mortgage and the existing one ends when the sale completes.

Sometimes it’s cheaper to just pay the ERC, sometimes it isn’t. We’ve always just taken advice from our IFA on the best approach for each purchase. We move a lot and have done it differently each time.

The mortgage gets paid off on the sale of the house, so the equity that remains is what you have towards your next house. You get a new mortgage for the new house.
Or you port the old one.

Thank you, quite simple then really.

For some reason I thought you'd have to stay at your current house and wait out the current mortgage deal to end.

We had a tracker mortgage on our flat when we sold it (fixed term came to an end and we were planning to move within the next year so didn't make sense to lock in another fixed term when they usually come with exit fees). We didn't port our mortgage so we paid off the outstanding mortgage amount with the proceeds of our sale, then used most of the remainder to use as a deposit for the next purchase. We took out a new fixed term mortgage for the new house.

One of my friends ported their mortgage from their previous home, which you can only do if you remain with the same lender. This kept them on the rate they had before for the same remaining amount from the first purchase, and took out an additional mortgage (on a different rate) on the rest of the cost of their new house. This seems very complicated to me because as they explained, you would basically need to keep an eye on when those fixed term rates end separately so you don't accidentally roll over into extortionate variable rates! It does seem to be a combined payment though so at least your monthly outgoing amount to the lender is all-in-one rather than split into two separate payments at different times of the month.