Help - simple question, moving house mortgage

Noctu

This is a really simple question (probably) but I really can't get my head around it, please could someone humour me (!) and give me some pointers?

We have a joint mortgage. House was bought for £131,000 and would probably get around £140,000 for it if sold now.

Outstanding mortgage is £84,000. On BMR at the moment, not tied in anymore.

I am on a salary of £25k p/a gross, OH £22k p/a gross.

No credit cards, loans, child maintenance, anything like that.

We are looking to move house. How much, roughly, could we borrow? (i.e. what is the upper price limit of houses we should be looking at)?

I can't figure it out with the mortgage calculators as we would have equity but can't understand how we would calculate it with a mortgage already present.

Thanks :o

Thrugelmir

A guide for a mortgage figure would be in the region of 3 to 3.5 times joint income. So up to £164k.

Assuming you net £36k from your existing property, after allowing for fees expenses, etc. A rough guide around £200k maximum.

Interest rates will rise in the months/years ahead so allow for higher mortgage repayments when budgeting.