Mortgage advice needed!

angelbeefpie

Hello
This is the first time I have posted and looking for some general advice.
We currently have mortgage in my hubby's name only (he had house before we met). Mortgage is £110k. House is worth around £160-£170k (not had valued but pretty sure give or take).
We both work (hubby income around £34k and mine £23k. We have 2 kids.
I really want to move and increase mortgage by max of £30k to do this. Hubby is putting me off saying we can't afford it but sure if we done joint one we could. We have an interest only mortgage that he makes overpayments on, he pays this and i cover other stuff. Obviously don't want to over stretch ourselves. Im not overly familiar with different types of mortgages. I know you can only give general advice but in face of it what do you think? Thanks in advance

angelbeefpie

Any thoughts?

ACG

Sit down, decide what you can afford.

Then see what type of mortgage you can get with those figures (either doing the research yourself or with a broker). Then you can see if a lender will lend you the amount your after.

originalmiscellany

Mortgage 110k
Current Value of house 170k

Combined income - £57k

You want to get a house valued at £200k,
where your mortgage could increase to 140k.

What is your current interest rate? How much have you overpaid this year,or say in the last 2 years?

Answer these and it could be easier to get a clearer answer.

Morgage_Confused

why dont you put your figures into some of the calculators on various banking websites. they will tell you what they are willing to lend. if you come in ok then the bank is saying it thinks you can afford it. after that its also what you believe you can afford.

i would have thought 3 times joint salary is ok, but then i dont have an expensive lifestyle.


your age might also come into it. if you are in your 70's then i wouldent take on a higher mortgage just now.:D

Thrugelmir

You need to switch your mortgage onto a repayment basis.

Any new mortgage will almost certainly be one not interest only.

angelbeefpie

Thank you, I will ask hubby about overpayments but I think he overpays by about £200. We are both in our 30s (so not 70!), 34 and 37.

Thrugelmir

angelbeefpie wrote: »

Thank you, I will ask hubby about overpayments but I think he overpays by about £200. We are both in our 30s (so not 70!), 34 and 37.

£200 a month won't repay the existing mortgage within the term.

angelbeefpie

Thanks for reply, will have to double check, just out of interest how much extra should be paying every month?

Thrugelmir

What's your current interest rate and how many years are left?