What Mortgage? Help Needed.

fleetingmind

Hi,

I currently have a mortgage of £122,000. My current house would sell for £180,000 so a equity of £58,000. I've been on a fixed repayment for 2 years paying £750 a month. Now it goes up to £805 per month.
My wife is pregnant so must move before we lose her wage.
The house I'm after is £225,000 so would need a mortgage of £167,000.

I can only really afford £850 per month so would have to go to interest only for two years or part and part (Nationwide?). What would be the best mortgage and company to go for?

Combined salary is £24,400 and £15,000 = £39,400.

Much appreciated.

herbiesjp

Will you still be able to afford the mortgage on one wage? Will your wife be going back to work?

homer_j_3

Have you costed for estate agent fees, legal costs, stamp duty, moving costs?

MortgageMamma

you might struggle going interest only with Nationwide, they have some sort of policy about it, wanting proof of a repayment product if i recall properly, have a look at their terms.