Onwards & Upwards- Next Step on The Ladder

marty1888

We've had our house for 2 1/2 years now and are considering moving to a bigger and somewhat more expensive house on the property ladder.

Does anyone know what the maximum mortgage we would be eligible for based on the following figures?

Joint Salaries- £45k
House Value £130k
Original Price £91k
Deposit on Original House £9k
Oustanding Balance less Interest £74k

Also, when you find somewhere you like, is it just as simple as putting your own house on the market and then making an offer on the property you want and then just play the waiting game on a Sale?


Thanks for any info you can provide.

herbiesjp

WHat kind of property prices are you looking at?
How much of a deposit do you want to put down?

Do you have any other loans, cards, HP oustanding at the moment?

marty1888

between us we have around £20k in various loans and cc's mostly from when we were students. Also, we have a lodger who pays around £260 a month in rent at the moment and we would probably take on another lodger if we were to move.

Basically the property we have seen is on the market at around £290k and we would like to know if this is way out of our reach.

Any profit we would make on selling our own house would go towards the new one. We could also maybe afford an extra £10k towards the deposit.

herbiesjp

You have around £50k - kept someting aside for fees - as a deposit

However you will need £8700 alone in stamp duty.

YOu are looking to borrow therefore £240k - you have £20k exisitings debts, it would be interesting to know how this is split i.e. loans, cards etc, as well as how much you pay each month towards these.

With this level of debt, and based on your income I think you are looking too high