Selling up but how much will I get back from the mortgage?

Question

I have only lived in my flat for 1 year now and I am selling up and moving to the sun. I was wondering how much would be left after e.g Do I only have to pay the interest for that year of the mortgage

Answer 1

Yes, of course .. in fact you have to pay Interest EVERY DAY you still have the loan .. plus you will have to pay Solicitors bills (your Mortgage Company will not allow you to sell unless you employ a Solicitor).

Since you have only had the flat for 1 year, there may even be an 'Early Redemption Charge' on the Mortgage.

... and unless you sell direct eg. via web based Estate Agents, you will also have to pay Estate Agents commission (typically 1 to 2%)...

After only one year, unless you are in London (or some-where else that house prices have been going through the roof), after paying all the fees etc., you could end up out of pocket ..

STEP 1 is to get an estimate of what the Flat is worth .. Esate Agents will do estimates for free (even if you don't sell via them) so call a few round and get some figures.

Answer 2

How much was your appraisal for? what is the difference between the cost and what you owe?
Depending on your mortage contract, that will determine what interest you will actually pay when it closes.
See what your original contract states.