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enough money left to buy this:
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You owe 250K on a sale price of 360k so you have £110k equity in the home.
How much you need/want to borrow, LTV etc is up to you. If you only want to borrow £350k, use all of it. If you can get a 90% mortgage, pass affordability etc, then £46k and borrow £416k. Or anywhere in between.
If you want to move mortgage providers instead of porting with your current provider there may be extra charges for things like paying off mortgage early, depending on your terms
amey
kkg337
@dwl
ELI5 - I'm otherwise fairly financially literate but seem to have a massive blank spot when it comes to the understanding the basic moving parts of this (hypothetical) scenario.
I purchased my current home for £320,000 (£20K deposit, £300K mortgage) - remaining mortgage balance is about £250K
I sell this home for £360K and simultaneously buy a new home for £460K
Ignoring Stamp Duty, solicitors etc. what's the amount of hard cash I should reasonably expect to have to hand over to facilitate my move up the property chain?