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.