Answer
Hiwhat typically happens is whe you sell the property you are in now the current mortgage account is cleared. a new one is then started against the new property. the size of the property is irrelevant, it is the amount of equity you will have in the new property that is important to the building society/bank.for example, if your current house is worth £150,000 and your mortgage is £70,000 then you will have £80,000 as a downpayment on the new property. if that is worth £120,000 then you will only need a £40,000 mortgage.a tip though...the new mortgage should be taken out over fewer years than the first one because it will mean your mortgage will be paid off at the same time as the original one was. you will be able to achieve this as the second mortgage is less than the first, enabling you to pay it off quicker if you apy the same monthly figure as on the first mortgage.hope this helpshappy huntingdean
