Are we kidding ourselves

mummyemma

I want to know how realsitic im been. We need to sell up and move as expecting again. But not sure if we can afford to do so.

If we sell for £150,000 we will have about £10,000 deposit. We are currently looking at houses around the £160k mark.

So we would have a deposit bigger than 5% but our credit rating really is not great, but is slowly improving we have a fairly decent income of £40k and my DH also does some self employed work which brings us in an extra £200 at least a month

Are we been unrealistic to consider moving

Many thanks
Emma

Ian_W

On the face of it £150K is 3.5x your income which isn't that much of a stretch by to-days standards. Go on the comparison sites and get an idea of what your monthly repayments would be - or as your credit history ain't top rate ring your current lender and see what they'd charge for the amount you would need.
Don't forget it will cost you £5K-7+ just in fees, SD etc and don't push it too much if your income is going to reduce because of your pregnancy.
Looks as if you can do it - but be sure for your own peace of mind before you decide.