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Applying for a mortgage

Discussion in 'Mortgages' started by Andrew Boynton, Sep 23, 2018.

  1. Andrew Boynton

    Andrew Boynton New Member

    Hello,

    I own a property and have paid off the all of the mortgage. The property is valued at £200,00. If I sold this property how much would I get in physical cash? I’m really confused, do I just get a portion of the value in cash and then I am paid in installments by the bank or the person who is buying my property?

    The reason I ask is because I see properties advertised on estate agency websites as cash only sales which suggests I won't get all of my money when I sell.


    I want to buy another property for £350,000 and earn £30,000. I’m apply for a mortgage in principle but its asking me how much me deposit will be, I find it very difficult to answer this question when I don't know how much money i will receive. Will my deposit be £200,000, which is the value of my current home?

    Kind Regards,

    Andy
     
  2. FWL

    FWL Member

    I am very confused about your post - if you have paid off the mortgage then all of the money is yours, whatever price you sell the house for. The buyer will either pay in cash or more likely a take out a mortgage - the mortgage company will supply the funds to pay you in full and the buyer pays off the mortgage going forward.

    I am not sure why you would think any different?
     
  3. Ben Gerritsen

    Ben Gerritsen New Member

    Can you explain more in detail?
     
  4. diyhelp

    diyhelp Active Member

    Hi @Ben Gerritsen

    Welcome to the forum, I see you have just joined. I am also a little confused about the point of this post :)
     
  5. Peter123

    Peter123 New Member

    I am confused please explain more.
     
  6. Longterminvestor

    Longterminvestor Administrator

    If you are investing the proceeds into the new property as a deposit then you should surely have £200,000 less costs available in cash?
     
  7. FWL

    FWL Member

    This all seems fairly straightforward but if you have any queries then it may be worthwhile speaking to a mortgage adviser.
     
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