worrying now, how much can we borrow?

KaratePigeon

We have had our house on the market for a few months, and looks like we are going to get an offer.

We should have about £18k equity, which I'm hoping will be enough deposit (10%) for another house, the ones we have been looking at are priced about £170-175k.

I earn £28k, DP earns about £14k self-employed (waiting for his accountant to send us details which is taking ages and the reason we haven't seen a mortgage advisor yet).

We have a good credit rating, but realistically how easy will it be to find a 90% mortgage for 3.5 times combined income? If it doesn't seem likely, how much do you think we will have to spend?

little_miss_muppet_face

Bumping this up for you ...

Thrugelmir

How long has your partner been self employed?

KaratePigeon

he's been self employed for ages (15+ years?) so easily have 3 years accounts.

I spoke to our current mortgage provider today (hsbc) and they provisionally said we could borrow £144k, which is great, as could spend £160k on a house. but now we've seen one priced at £179k, lol, typical. And it's only just gone on the market so doubt if they'd take a low offer. hsbc did say they might go a bit higher than that but that's quite a bit higher isn't it.

But we've just had a good offer on our house, yay on the condition we complete within 8 weeks :eek: better get house hunting.

Thrugelmir

KaratePigeon wrote: »

but now we've seen one priced at £179k, lol, typical.

Better to move up property ladder in steps. Less borrowed = less interest paid. Quicker equity is built up. Days of house prices increasing daily has passed. So no need to rush.