YorkshireBirdMaths conundrum …
You have a £200k mortgage, move house to a property costing £200k and port the mortgage to the new house. That makes it a 100% mortgage which the bank won’t allow so they ask you for 20k to make the mortgage £180k. Then you have to give the vendor 20k to make up the price with the £180k mortgage. So you pay out 40k, have a £180k mortgage totalling £220k for a house that costs £200k …
I can’t get my head around this. HELP!!