Myself and my partner both own our houses outright. Both terraced and worth around £65k. We've found a semi we want to move in to and our offer of £155k has been accepted. We're looking at selling both properties and getting a small mortgage on the semi. When one of the houses sells we can start the process, put down a £65k deposit and move in. What kind of mortgage will be best to pay the other lump sum off when the second house sells? Will there be a penalty? Ideally we'd like to be left with a £40k mortgage. Any advice would be much appreciated :)
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