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Confused
Neil.sparks
Posts: 2 Newbie
If my house is worth £145k and I have a mortgage left of £70k do I have £215k to play with for buying a new house? I haven't thought this through I must say,
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Comments
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If I continue to pay the bank the £70k as planned I have £145k to play with? Not £215k, I just need a basic understanding. Thanks.0
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Neil.sparks wrote: »If my house is worth £145k and I have a mortgage left of £70k do I have £215k to play with for buying a new house? I haven't thought this through I must say,
Your "equity" in the property is currently £145k - £70k = £75k.
It follows that if you paid off the mortgage, then you'd have the full value of the property (£145k) to play with for a new place."If you will change, everything will change for you." - Jim Rohn
I simply use these forums to share my knowledge, reinforce my learning and experience as an IFA. Please remember, if your circumstances are complex, speak with your local IFA from Unbiased or VouchedFor directories for regulated financial advice.0
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