Remortgage?

u02ja3

Hi, lloking for some advice if possible! We're considering selling up our flat to buy a house, so would need a new mortgage - current mortgage 88k, flat work approx 115-120k, house we like approx 150k. both work f/t, secure jobs, take home pay approx 52k. is this feasible? what would our repayments be? we pay around 390 a month on our repayment mortgage, but normally overpay by 500-600 a month, but like the security of not 'having' to pay about 1k a month when we want to book a holiday, christmas etc. in about 5 years, we'd prob want children, so i'd drop to part time, salary would be approx 16k.
Any advice/opinions on what we should do? I like the idea of a fix maybe? We near the top of the boom so want to be careful this time!
Thanks in advance to anyone who can offer any advice!

getmore4less

If take home is £1kpw and mortgage with overpayments is £900 spending is high.

£25k on £150k is LTV 83% can you save a bit more.

Even if £52k gross £125 is ok on multiple

Should be no problem

How much are you saving each month?

u02ja3

Thanks for you reply.
Our combined take home pay is around 3000 ish, we're both due a payrise after summer.
So just now around 900 goes into the mortgage including overpayments, and we've each got around 2k in savings for emergencies etc, and we put around 100 each a month into savings accounts.
Do you think we need to put more into savings? Maybe it just isn't feasible to move yet?

getmore4less

So gross is around £52k not take home.

I think you need to budget and prioritise your spending

Do a 5 years plan with current income.

Do aother 5 year plan based on your reduced wages start living on that before you have kids to make sure you can do it saving the difference.