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If you port the mortgage, you're just switching which house it's secured against, right?
So if the bank will lend you an extra £200k against the new place, and you have £300k in cash from the sale, you have £500k to spend (less solicitors' fees, moving costs etc.)
That matches your notional paying-it-back-and-getting-a-new-mortgage number, so I think it's right.
useless
Alright lads, I'm a bit shellshocked as I've just got off the phone with my mortgage provider asking them if I can port the mortgage over and they've offered me a good £40k more than I thought I could get.
Here's my question. I've £190k to pay back on my current mortgage. I think I can sell this place for £300k, if so I think that means I've got about £110k for a deposit. Bank has offered me a £390k mortgage.
Now if I'm not completely insane that means I THINK I have about half a million to spend (max). That cannot be right though can it? Don't I have to pay something back somewhere? I literally feel like my brain is working at right angles with reality