Mortgage Advice Please Help!

awindsor

Hi GUys, 1 st post from me:T

I'll tell you my story and if any1 has any advice please reply, thanks.

We'd like to buy a house up the road. It costs £300,000. Our house is worth £220,000. So if we sold for this, paid off our mortgage £150,000, we'd have about £70,000 left over as a deposit.

Now as im part time, our wages would only get us £150,000 max if lucky on a new mortgage, so add our £70,000 its not enough!!

Now Im wondering is there the option to say to our mortgage company can we add to our £150,000 exsisting mortgage????
So £150,000 (exsisiting) + £70,000 (from sale of house) = £220,000, so we'd need to borrow an extra £80,000 odd.
Is this an option do you think??

Or do I just need to forget the whole thing, lol!!??

Thanks for your time and advice in advance.

Anna xxx

Senior_Paper_Monitor

What are your salaries - and other sources of income ? What are your other financial commitments ?


.... and what are your jobs (can make a difference) ?

dimbo61

With the way things have changed in the lending market over the last 2/3 years you may find that your lender would not even lend you the £150K you already owe!!!
Now also take into account that you are now part time as well and that only makes it worse
Its called affordability and lenders must now have responsible lending so income multiples have been reduced !!
Ie lenders used to lend upto 5X income and some are now lending only 3/3.5X income
Try and overpay your existing mortgage to reduce your debt and protect your family from interest rate rises

Wh05apk

Any new mortgage will be based solely on your current salaries, what you have now will be finished when you sell your house.

If you shop around, you should be able to get about 4-5x income (possibly including child benefit/tax credits)

getmore4less

awindsor wrote: »

Hi GUys, 1 st post from me:T

I'll tell you my story and if any1 has any advice please reply, thanks.

We'd like to buy a house up the road. It costs £300,000. Our house is worth £220,000. So if we sold for this, paid off our mortgage £150,000, we'd have about £70,000 left over as a deposit.

Now as im part time, our wages would only get us £150,000 max if lucky on a new mortgage, so add our £70,000 its not enough!!

Now Im wondering is there the option to say to our mortgage company can we add to our £150,000 exsisting mortgage????
So £150,000 (exsisiting) + £70,000 (from sale of house) = £220,000, so we'd need to borrow an extra £80,000 odd.
Is this an option do you think??

Or do I just need to forget the whole thing, lol!!??

Thanks for your time and advice in advance.

Anna xxx

just think if you could do this a few time you would be in a £1m house in few year.

Affordability will be on total borrowings on current income.

kingstreet

awindsor wrote: »

y can we add to our £150,000 exsisting mortgage????

No. When you move home your old mortgage ends and a new one starts on the new property. You may be able to move the old rate to a new mortgage but you have to qualify for the new mortgage first. That's new income checks, status checks, loan to value, everything.

dimbo is right. You may not even qualify for the same amount of mortgage you have now.