Mortgage

Parmar1

Hi, I hope someone can help.
I am a stay at home mum, married and we are looking to move further out so that we get more for our money in terms of property. We're looking at property roughly the same value as our current property which we bought 2 years ago as a joint mortgage (I was working then), so my question is that would my husband have problems getting another mortgage based on his salary if we want to borrow the same amount - the repayments would be the same and affordable.
I'm confused, we have no space anymore where we live, I guess this is what happens when you have kids, so we are desperate to move, but I do not earn anymore and feel at a disadvantage.
Hope someone can help
Thanks

benjo

What is your husbands income.
What is the current value of your home.
What is the outstanding balance on your mortgage.
How much deposit do you have.
Any other debts.

Without that info I doubt those in the mortgage know will be able to answer.

Parmar1

Hello, sorry I should have included more information.
Here goes:

Income: 38,000
Current Value of home 225,000
Outstanding balance 193,000
Deposit 35,000 (equity of the house), plus 5,000/10,000 (for fees etc)
Debts 10,000


Is it possible with the figures above, that we could potentially move and buy a bigger house, for aprrox 250,000 - how much could be borrow?

Your help really appreciated
Thanx

_Andy_

It's not viable - on your current income you wouldn't even be able to borrow the amount you currently have.

SouthCoast

Affordability.

Check this out:

http://mortgagehelp.direct.gov.uk/default.aspx

Parmar1

Thanks for the link, however, we havent ever had a problem paying our mortgage, I just wanted to find out if it was possible to move to a slightly bigger house (move slightly up north so you get more for your money). We took out our current mortgage when I was earning too, and now of course, I am not as we have a baby.
So paying what we are currently paying in repayment isnt a problem at all.

herbiesjp

Unfortunately, you do not fit a lenders criteria on affordability/income multiples to get a mortgage even at the current level as stated above.

Whilst you may think it is affordable to you - a lender has to demonstrate it is lending responsibly, and on that basis, they would not look to lending you more than you already have.