This would decrease the amount owed. NE is currently 120K on a house worth 300K - so the mortgage is 420K. The OP wants to buy a house for 250K which would release 50K (sell current for 300K, buy new for 250K). The new mortgage would be 370K - which is a decrease on 420K. Mortgage repaymments would go down by 12% which could make a big difference to someone struggling with their finances.That makes it even worse - you are struggling with your current repayments but you expect a lending institution to reduce the value of their security without decreasing what you owe them? Makes no sense.
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