Affordability - moving up from 2 to 3 beds.

Philip624

Me and my wife desperately need a bigger property now we have a baby.

Does anyone know whether banks are willing to lend on what you can afford to pay other than just the usual 3x salary. Having had a baby, we are rapidly outgrowing our lovely but tiny 2 bed cottage but as my wife is now part time 3 or 3 1/2 times our salaries now wouldnt give us enough to have bought our house three years ago, never mind today, but we can still comfortably afford our mortgage and have always been good payers, no bad debts.

In our area the jump in prices between 2 and 3 beds is £25000 at least.
There must be plenty of people in the same boat as us and I would be interested in their experiences.

bridiej

I've moved this to the mortgages board, if you have a look through the first page or so you'lll see there are several topics covering this.

herbiesjp

There are lenders that will agree a mortgage based on an affordability calculation, but it is dependent on your current circumstances and the figures based around what you are looking to buy.

dougk_2

Have you the possibility to extend the property rather than move? Loft conversion, extention or even a conservatory?

It appears you like your house and the cost of extending (is possible) maybe cheaper than moving and less fraught and disruptive.