Enquiry re maximum borrowing

Airwolf1

Hi,

I guess this is really addressed to a whole of market morgage broker...

I'm currently on Northern rock's variable rate. My wife's income has dropped since we took out the mortgage, but mine has increased a bit. Basically, on a joint income of about £30,000, I was getting a quote the other day that we could borrow something like £60,000!!! Is this right? I know things aren't what they were, but I thought that was quite low to be honest.
Current property worth about £150,000 (minimum) and we owe £117,000, and was looking at buying properties costing circa £200,000.
Part of my income is through self employment. when I do my books in april, that will be about 10 months worth of income. Is there anyone who would lend to us in the current market, or do we need to wait a while? In 5 years time, my salary from my employed position will increase by £6,000.

Thanks

_Andy_

If I've got my figures right, this isn't going to be possible.

Assuming you sell at £150k, this leaves you a gross difference of £33,000.

You're wanting to buy at £200k, this leaves (again disregarding fees/stamp duty etc), £167,000 to borrow.

This is a salary multiple of 5.56 x joint income, which isn't going to happen (nor would it be a good idea).

Airwolf1

Thanks. I actually forgot to add the old CTC as income too, about £80pm.