Second time buyer, positive equity & tracker mortgage

[Perplexed!]

Looking for advice/clarification.
Intend selling our home and purchasing a fixer upper. If we sell our current home in NE, UB will give us the full amount we are looking for (purchase price 70k + renovation/extension costs 180k, with no deposit required) however if we sell our home in PE they will only give us the purchase price, 70k and that's it - no more (20% deposit rule will also apply). Does this sound right? Should point out that we have a tracker mortgage so don't want to change banks. Going on houses that sold in our estate, before Christmas we would have been in NE, however two houses sold this year with massive price increases that would leave us in PE. We could sell our house 'under' value and add a small amount of NE to our new mortgage, but it just seems like madness when we could make money on a sale. Can anyone shed any light on this for me?

 

[cremeegg]

I cannot shed any light on UB's policy but could you sell your home at an NE price and the contents etc for the balance to bring you to market price.

 

[Perplexed!]

Thanks Cremeeegg, good idea. Will look into that. Thanks.

 

[mf1]

"I cannot shed any light on UB's policy but could you sell your home at an NE price and the contents etc for the balance to bring you to market price."

This comes a cropper unless you're selling to a cash purchaser. Anyone getting a mortgage will have to nominate the sale price of the house - not the house plus contents - their bank won't lend for contents.

mf