Need a bigger home, what are my options?

Balsamic

Hi,

I would appreciate any advice you may have from personal or professional experience.

I own my home which is an ex local authority one bedroom flat in good condition on a small and fairly quiet estate. My young daughter (4) and I have outgrown the flat and we now need a bigger place. The problem is I think my annul income will be too low to get a mortgage for a bigger place. My total annul income which includes part time work and tax credits and maintenances payments is approx £19,000. I have had my place valued and it's worth about £120,000 of which £100,000 is owed in mortgage.

Do I have any options or where can you suggest I go for some impartial advice?

Thanks

poppysarah

Sell and rent?

Sell and try to buy another.

sell and er, dunno.

Rent it out and buy another. But need permission to rent out and mortgage might go up. etc

Kavanne

You're already on a 5x income mutliple so in the current climate you are unlikely to get a larger mortgage.

Lycaeus

I doubt you will be able to get something bigger than what you have now TBH.

Very few (if any banks) are giving out any more than 4x income with a 25% deposit