Buying more expensive property

[fourstardan]

Hi,

Just thinking when reviewing what I could get now days property wise.

I can't seem to find a simple calculator to work out what my mortgage would be if buying a new place, getting more value for mine and then any other considerations.

Lets say the property is 500k and I bought my place for 300, this is now worth 450k...

I've paid off approximately 50k on the mortgage.

Does this mean I'd be on the same level of cost of mortgage?

[Sarnie]

You've not stated how much the mortgage was when you bought the £300k property.....

[OutInTheShed]

Surely if you buy a house for £50k more, your mortgage will be £50k bigger, plus whatever costs like stamp duty, agents fees etc you load on to it?

So then use any online mortgage calculator to work out the repayments over whatever period you have in mind?

Are you basically saying you've done some years of e.g. a 25 year repayment mortgage and now you are wanting a new 25 year mortgage, or were you thinking to keep the end date the same?

[fourstardan]

Sarnie said:

You've not stated how much the mortgage was when you bought the £300k property.....

285k

[fourstardan]

OutInTheShed said:

Surely if you buy a house for £50k more, your mortgage will be £50k bigger, plus whatever costs like stamp duty, agents fees etc you load on to it?

So then use any online mortgage calculator to work out the repayments over whatever period you have in mind?

Are you basically saying you've done some years of e.g. a 25 year repayment mortgage and now you are wanting a new 25 year mortgage, or were you thinking to keep the end date the same?

Thats what I thought tbh, but then I've paid 5 years off so far on current mortgage and want to keep the end date the same.

[BoRED S2upid]

No. You need to borrow more at the current interest rates. Not a lot more by the sound of it but it’s going to be more expensive per month than currently. Plenty of online calculators to play with most major lenders will have them.