We have never sold a property before and have made financial mistakes in the past
Q I am rather confused about my mortgage as I have never sold a property before. In a nutshell, 13 years ago we bought a house for £195,000 that we paid for with a £150,000 mortgage and £45,000 in cash. The house is now worth about £330,000 and there is £96,000 left on the mortgage.
We now want to downsize to the coast and properties we like are about £250,000. Should we pay off the £96,000 mortgage on selling or take out a small mortgage? We are unable to move our mortgage but also we like the idea of being mortgage free but are so confused. We have made financial mistakes in the past and don’t want to add another one.
HF