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Mortgage With Further Borrowing

josecc
josecc Posts: 24 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Mortgages & endowments
Hi everyone

I've have approx £75000 left on my mortgage. My flat is valued at approx £115000.
I took out some further borrowing through my mortgage company of £19000 earlier on this year.
I'm looking to sell my flat next year and was wondering if it does sell for £115000 would I have £40000 worth of equity or would I need to pay off the further borrowing loan as well when the flat sells? They come out as 2 separate transactions just now.

Thanks

Comments

  • kingstreet
    kingstreet Posts: 39,312 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Both are secured on the property.

    Both are repayable on sale.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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