I won’t be working as much, so will we end up with cash in our bank if we do this?
Q We live in London and want to port our mortgage to a cheaper property. We bought our house for £444,000. The original mortgage was £333,000 and we now owe just under £320,000.
If we wanted to buy a house for £400,000 or £385,000, would we actually get cash in the bank when we sell our current house? I won’t be working as much so we’d like more savings in the bank and less of a monthly mortgage outgoings.
I am quite confused about the process and was wondering if you could shed any light.
CH
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