Applying for a mortgage

[Andrew Boynton]

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

 

[FWL]

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?

 

[Ben Gerritsen]

Can you explain more in detail?

 

[diyhelp]

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

 

[Peter123]

I am confused please explain more.

 

[Longterminvestor]

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?

 

[FWL]

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