Confused how does part exchanging your house for a new build work
My friend told me that it comes off the existing price of the new build, but I don't understand how it works because I still have a lot to pay on my existing mortgage. So if I was to part ex, does the part ex clear this old mortgage and do I have to get a new mortgage on the new build for the full amount? What she has said is that I could sell mine for example in part ex for 60k when I have a mortgage for 70k, this would be then taken off a new build of 100k leave me with 10k outstanding on the old and 40k on the new. Is that correct it seems too easy. I am really confused.
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