Advice on buying a house

Picmonster

Hi There

I am looking for some helpful financial advice on the best way to buy a bigger home with minimum risk to us, we have no debt at the moment, I understand I would have to borrow some money (mortgage etc) to achieve our aim, or is there another way I am wondering?

Here are our circumstances

• We own our house approx (100k - 115k property value) there is nothing outstanding.

• The house is too small for us, this is the reason to move or extend the home.

• We would like to afford a home of 150k.
• We have no savings
• There is only one salary coming in, approx 30k gross per anum.
• I am 49 years old with good credit history.
• We have disposable income of approx £400 per month to use.

I would appreciate any financial advice you have, thank you.



Regards


Jim

hcb42

You look like you need a mortgage of £50-60K depending on the fees etc and whether you have cash for that.

Not sure what you mean by other methods, but I would have thought any loan for that amount was also secured on property ,so mortgage would be your best bet, with low LTV, and take the shortest time possible to pay it back that you can afford.