My interest mortgage runs out in 6 years time I was thinking of selling it in 2-3 years time as I don't think I would be able to afford the repayment. The outstanding left on the mortgage is £150k and the value of my house is around £400k how would it work if I want to sell my house would I have £250k cash left over if the house was sold for 400k after paying 150k off the outstanding mortgage would I get the rest of the cash? Would it then be possible to buy another flat/small house for like 200-250k with just cash?
Thanks
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