Mortgage porting - spell it out to me

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We're selling our house. We spoke to the broker who sorted our current mortgage and we're now confused.

We bought our house for 295k, mortgage of 100k. Selling for 350k, mortgage now 80k.

We've found a house and wanted to know how to finance it. We were told the 350k would stay with us as equity, we could port the 80k mortgage and get a house for 430k without needing a top up mortgage.

We were then told that was wrong and we'd need to keep the 80k mortgage and get a top up of anything over 350k (so a top up of another 80k as well).

Does anyone who's done this before know which is correct please?

Sorry, also stamp duty, EA, solicitors, etc will come from savings so not considered in the bit above

So you currently have £270k equity. You need to work out how much of that you need to put towards stamp duty, solicitors, moving costs, work to do on new house etc then you know how much you can put down as a deposit. Subtract that amount plus the £80k mortgage you're porting from the purchase price and that's the amount you will need to borrow to borrow.

Clearly the first one is wrong. If you've got an 80k mortgage on a 350k house, you can't magically buy a 430k house with the same amount of money!

Just seen your second message so obvs don't subtract those from equity.

How much is the house your planning on buying? For example if it’s 500k then you can use the 270k equity as a deposit, then you need a mortgage of 230k to fund the remainder. 80k of that would be your original (ported) mortgage along with 150k additional borrowing. The additional borrowing would be at todays mortgage rates and not the same as your ported one.

just re read your original post and see that it’s 430k so you port original mortgage and need 80k additional borrowing ☺️

obviously the second is right! Where did you think the extra money would come from with the first one?

You need £430k
You have £270k equity (your original £195k deposit, the £20k you've paid off and the £55k you've made in profit)
That means you need to borrow £160k
You already have 1 mortgage for £80k which you can port. You need a second mortgage for the additional £80k