Porting a Mortgage and understanding the finance....

we are purchasing a property for 450,000 and releasing 300,000 from the sale of our existing property. This leaves a difference of 150,000.
We have an existing mortgage of 104,000 and can port to the new property and have been told we need to add a new mortgage for 46,000 to make up the 150,000.
My confusion is that I have purchased a property for 450,000 and an existing mortgage of 104,000 leaving me with debts of 554,000. I remove from this the 300,000 from the sale of my current property leaving a shortfall of 254,000 not 46,000.. can someone offer assistance my understanding.

Asked by colin.mcdonald7
Log in or sign up with email
By submitting you agree to our Terms of Service
Free SimplyFinance Membership!

Get FREE, full access to SimplyFinance.com

Related Questions

Q&A
Asked by katie.jenkins
Q&A
Asked by katie.jenkins
Q&A
Asked by stevensonbecca59