Mortgage/ remove help please

[layla888]

We are looking to sell our property and I dont fully understand the situation with the current mortgage.

So when we took out the mortage on our property it was like for something like £124 grand but on the paperwork it said over the lifetime of the mortgage you will pay back £200 ish grand the exact figures im not sure but you get the point. This is standard yes. So when we sell the house and end the mortgage do we have to pay back the £200 ish grand? Im so confussed. Also as we have renovated the house its been valued at more than we paid for it. Do we loose this money 2 the bank or can we use it as a deposit on next home?

You should get an annual statement about how much you still owe on your mortgage. Is it repayment or interest only? When you still your house the remaining mortgage gets paid off first and you get what's left.

The answer to both your questions is no.

You can ask your bank what you would repay of you ended the mortgage today. This would be £124k, plus the interest so far, minus what you've paid.

If you sell, the money inbetween what you owe the bank and what you sell for is yours. It's called equity.

Thanks I get it now!!!!!!

You will likely have an early repayment penalty though. Mine is 5k.

Yeah mine too. U would think that if u were staying with the same mortgage company they would oversee the fee. I would understand if it was a different bank the new mortgage was being taken out with.

Yeah mine too. U would think that if u were staying with the same mortgage company they would oversee the fee. I would understand if it was a different bank the new mortgage was being taken out with.