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Moving house ?
vicki+1
Posts: 737 Forumite
i want to move, currently living in a 2 bed house approx value £125 000. mortgage is currently £ 97 000.
So equity of 28 000.
Want to buy a house approx value 150 000.
So morgage of £122 000, i have the money to pay estate agent fees, solicitors fees etc.
joint income of 31 000 - no other income apart from £1400 a year (child tax credit and child benefit)
no other loans, one dependent child and a childcare bill of approx £150 a month.
Nationwide calculator says it will lend us 90 000 (so less than the mortgage we have with them now, and we have been comfortanbly paying off for the last 8 years
). We have one year left on a nationwide fixed rate.
So do you think we will be able to increase our mortgage? What are my options
So equity of 28 000.
Want to buy a house approx value 150 000.
So morgage of £122 000, i have the money to pay estate agent fees, solicitors fees etc.
joint income of 31 000 - no other income apart from £1400 a year (child tax credit and child benefit)
no other loans, one dependent child and a childcare bill of approx £150 a month.
Nationwide calculator says it will lend us 90 000 (so less than the mortgage we have with them now, and we have been comfortanbly paying off for the last 8 years
). We have one year left on a nationwide fixed rate.So do you think we will be able to increase our mortgage? What are my options
0
Comments
-
A broker may find you something nearer 4x salary, although affordability checks will deduct for the dependant child. It would improve the deals in your reach if you could boost the equity with savings to get to 75% LTV deals, which would also reduce the total to be borrowed, easing that issue.
What early repayment charge would you incur? You presumably don't have enough savings to port the existing deal - to avoid the ERC - and top up in cash?
You may need to wait and see what you get offered for your place, before you fix your ideas too firmly, anyway.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0
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