Jobs & Education0 min ago
How Does A Mortgage Work When Selling A Property?
11 Answers
Good Afternoon
I have only ever brought one house in my life (my current abode) but wanted to know how buying and selling works - in plain English please.
I brought my current house for £240,000 with a £35,000 mortgage - I have £20976.36 outstanding! I have put my house on the market at £300,000 and made an offer on a house at £300,000 - surely I will be mortgage free? or am I missing something. sorry for a question you might think is silly but if you have never done this before - how am i supposed to know.
Thanks in advance for help
Answers
The proceeds from the sale of your house if you get 300k will be 279k after the mortgage is repaid.If you intent to buy a 300k house you will be 21k short, you will also have all the exes including stamp duty at 5% on the 50k above 300k.
16:01 Thu 09th May 2024
-- answer removed --
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