You bought your property for £300,000 and sold it for £315,303 after 5 years.
During that time, you paid £68,664 in mortgage payments. £24,884 was interest, and you paid off £43,781 from the £270,000 mortgage principle, meaning you still owed the bank £226,219 at the time of selling.
Therefore, from the £315,303 sale money, £226,219 goes to the bank for your mortgage.
So, you actually received £89,084 from the sale.
Now, let’s go through the expenses:
- £68,664 in mortgage payments.
- £15,000 for maintenance and repairs over 5 years.
- £6,000 in buying and selling costs.
That leaves you with -£581.
But wait, there's also the £30,000 deposit, if you take that into account too, then overall you’ve lost -£30,581.