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Buying lower priced house
Obyapka
Posts: 3 Newbie
Hi, bought my house in 1995 for 57k 20yr mortgage. In 2013 I took out an extra 100k mortgage to add extra to the house (and a replacement car). Paying this now until 2028.
My house might be worth 250k
We are hoping to relocate to Scotland, and houses we are considering that we could buy are approx 200-225k
If I was to proceed with selling/buying at those figures, how would I stand with the 25-50k difference in value?
Would the mortgage company reject it? Or is it cash in the bank?
My mortgage is with Halifax.
Thanks in advance
My house might be worth 250k
We are hoping to relocate to Scotland, and houses we are considering that we could buy are approx 200-225k
If I was to proceed with selling/buying at those figures, how would I stand with the 25-50k difference in value?
Would the mortgage company reject it? Or is it cash in the bank?
My mortgage is with Halifax.
Thanks in advance
0
Comments
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Sorry, paying until 2033 not 20280
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You'd either use the equity to reduce the mortgage you'd need, or get a bigger mortgage if you needed to hold on to the cash, assuming the figures stack up.0
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