My workings out for their equity are:
purchased for £390,000 - if they put down a 10% deposit that would be an initial mortgage of £351,000.
In 5 years they may have paid £20,000 off the mortgage, so now have £331,000.
If they’ve sold for £625,000 then that would leave them with £294,000 in equity. I think that’s a pretty reasonable guess, for example they may have had an initial mortgage of less than £351,000, or they may have sold for more than £625k, or they may have paid off more than £20k.
So what they will walk away with all depends on how much debt they’ve got to pay off out of the equity, plus all the fees associated with buying and selling etc. If Beaver can get a mortgage of £150,000 and they’re buying a £300k house, they could have around £100k in cash left after the move, maybe even more. But let’s face it, if they do have that much money left in cash they’ll burn through it straight away, she’ll be flashing the cash for the next 18 months and then it’ll all go quiet again like it is now when there’s none left. Only difference is they won’t be able to downsize and release any equity after this move
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