How much can we buy for..?

ferry

We're looking to move at some point this year,but is there any guidance anyone can offer on how much we should be looking for a house for..?Dont want to get my missus hopes up..!.

Basically we are on a joint income of around £30k,and have a house worth £230k,o/s mortgage of £109k.No other debts.
No doubt we'll need to take moving costs into consideration....

Thanks for any advice

T.

UK007BullDog

Multiply your income by 3 or 4 that will give you an idea: £90K - £120K depending on lender. Some lenders will even lend up to 5 times. What are your professions?

If you have any type of loans or CC's outstanding the lenders will take that into consideration and will reduce the amount accordingly.
Any kids? If yes then amount will be reduced again.
Do you know what your credit records look like? If no late payments or defaults then you are looking good and lenders will give you their max.

You have roughly £121K equity. Say you use £100K as a deposit and the rest for stamp duty, costs and fees to arrange the mortgage and moving.

You could buy at around £220K (no other loans, perfect credit record). Which means you are probably better off staying where you are value wise. However if the property is nicer etc then go for it. If you have a deposit or savings then that would up the purchase price.

Is there a way to reduce the current mortgage by overpaying? You could check your lender if you could port your mortgage over to the new property and borrow more.