Reducing mortgage by moving?

[TaraW20]

Hi there looking for some advice.

We are in Scotland.
We bought our house in 2019 for £95,000 with £25,000 deposit so bought for £120,000.

We have £86,000 left on the mortage.

We had the house valued. It is now £175,000-£185,000.

We have seen a house that is £95,000 we were considering buying.
If we sold our current house for the £175,000 would we be able to put the profit down as a deposit? And have a small mortgage?

Also the house is tenanted just now but we would be buying for ourselves? If we bought it would we have to keep it tenanted?

I know it sounds crazy to some but if we were able to and this was the case, we would be mortage free sooner than staying in the house we are in just now.

Thanks so much in advance for any advice 😊

I moved 400 miles to own outright and be mortgage free (and live by the sea!) so yes, I’d do it.
mortgage and rent are the biggest financial drains we have, so anything to free us from that :)

Go for it.

And no, the house you are buying does not need to stay rented but check the status of the tenants before you make a decision.

“Also the house is tenanted just now but we would be buying for ourselves? If we bought it would we have to keep it tenanted?”

Depends if the tenants leave before you become the owners of the house. Which you should make a condition of you buying.

You also need to check the current conditions on your mortgage. The mortgage isn't huge so any early repayment charge would be small but potentially a consideration.