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If we sell up and for 300k, for example, our buyer will provide 30k deposit on exchange, if we're buying somewhere new for 500k I still need to find 20k surplus for the 10% on exchange of our new place. Unless I'm misunderstand something (entirely possible, likely even).
Don’t think you’re misunderstanding anything. But 10% also isn’t set in stone. When I sold mine the buyer asked, on the day of exchange, if they could provide a 5% deposit instead. Made no odds to me so I said fine, and everything carried on smoothly.
duncs
Polygon
Right now is not the time to move, as we've just had a kid and my wife is off work, I'm working on the assumption that she'll go back to work within a year which is not unlikely, but you're right, porting the current mortgage with additional borrowing could be a good option.
My original point was based around this idea: https://www.unbiased.co.uk/life/homes-property/what-s-the-difference-between-a-mortgage-deposit-and-an-exchange-deposit
If we sell up and for 300k, for example, our buyer will provide 30k deposit on exchange, if we're buying somewhere new for 500k I still need to find 20k surplus for the 10% on exchange of our new place. Unless I'm misunderstand something (entirely possible, likely even).
The renting idea was in order to actually have the proceeds of our sale in the bank, but it would be expensive, as you say. Of course we would still end up owing the bank the same or more, but we'd have the surplus for exchange deposit in the bank.
Edit: did the maths and if I were to put away the difference between current mortgage and prospective (60%) mortgage I could raise the funds in a couple of years, but that will never happen as we're down to a single income for now and got some additional outgoings in the near future.