Is this possible ? Newbie type questions

internetuser_2

Current house is on the market for 190k

When it sells, I should make around (currently owe <135k) so 55k profit less the .7% agent fee.

For a deposit on the next house.

I am looking at homes in the region of 210k (OUCH)

I am currently 1 year into a 3 year fixed term remorgage deal with the norther rock. Who I have yet to speak to about moving. (Will I have to pay a huge fee here ?)

Would it be possible to get a morgage for 160k (Plus 50k / 25% ish deposit) and 5k left for fees etc. (So its 210k)

Myself and partner earn around 45-50k combined. with the normal car debt etc.

We are currently paying over 25 years but would like to change to 30 years and lower payments than we currently have (Intrest only ? or longer term) as she wants to reduce her hours for a few years to bring the kids up. And once they are older bump payments up again when she is back at work full time.

Is this possible ? Or do we not earn enough to get a 160k deal ?

herbiesjp

I think your income look sas if it coves everything - although you do not puit any figures on to how much your debts are and what they cost on a monthly basis.

YOur first port of call should be NOrthern Rock - give them a call and see what they say. This way you will avoid paying any penalties for leaving them. Make sure that any top up on your mortgage ties in as much as possible with when your current deal expires, or find a deal that has no penalties for leaving. THis way, when the deal on your main portion of the mortgage expires, you will then be free to look around at what else is out there on the market and re-mortgage away if need be.

HTH