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2nd Time Buyers
Taadaa
Posts: 2,113 Forumite
Any advice/opinions appreciated here.
Myself and OH bought through SO four years ago. We would really like to move on later this year/early next, and would need to borrow ideally £180 - 200k.
We have some equity, we think our share, plus what we have paid off the mortgage and the deposit we originally put down will leave us with at eh very least £20k to put down on next property.
I earn £26.5k, OH earns £29k (12.5% of this is shift disturbance allowance)
So far not too bad. Now the for the spanner (lol)
OH has a loan monthly repayment £489 pcm (by the time we are ready to sell, will be about £17k left, i.e. four years approx)
Also credit card outstanding currently £8.4k paying £180 pcm
I have a loan £233 a month, to finish Oct 08
CCs £3k on one £6k on another, total payments vary each month but minimum is £200.
My credit file is good, OH has a small problem with Halifax dispute when his card was cloned, am trying to sort out on his behalf as he likes to put his head in the sand.
What I would like to know is....are we likely to get a bigger mortgage with this amount of outstanding debt? We are both working hard to bring it down as much as possible, but it's still going to be quite significant. If the answer is possibly, then how much approximately?
We do need to move soon as the secondary schools are not good in current area. If buying is out shall we move to another 2 bed in the hope that we will get more equity and be in a better position? What I really am quite worried about is that the market will free fall and we will be left with neg equity in a property that we know we are going to move on from eventually. If that is a possible, should we sell and rent for a year or so and buy again?
Sigh all this stuff going round my head all day and no help from OH no wonder I drink so much wine :rotfl:
Myself and OH bought through SO four years ago. We would really like to move on later this year/early next, and would need to borrow ideally £180 - 200k.
We have some equity, we think our share, plus what we have paid off the mortgage and the deposit we originally put down will leave us with at eh very least £20k to put down on next property.
I earn £26.5k, OH earns £29k (12.5% of this is shift disturbance allowance)
So far not too bad. Now the for the spanner (lol)
OH has a loan monthly repayment £489 pcm (by the time we are ready to sell, will be about £17k left, i.e. four years approx)
Also credit card outstanding currently £8.4k paying £180 pcm
I have a loan £233 a month, to finish Oct 08
CCs £3k on one £6k on another, total payments vary each month but minimum is £200.
My credit file is good, OH has a small problem with Halifax dispute when his card was cloned, am trying to sort out on his behalf as he likes to put his head in the sand.
What I would like to know is....are we likely to get a bigger mortgage with this amount of outstanding debt? We are both working hard to bring it down as much as possible, but it's still going to be quite significant. If the answer is possibly, then how much approximately?
We do need to move soon as the secondary schools are not good in current area. If buying is out shall we move to another 2 bed in the hope that we will get more equity and be in a better position? What I really am quite worried about is that the market will free fall and we will be left with neg equity in a property that we know we are going to move on from eventually. If that is a possible, should we sell and rent for a year or so and buy again?
Sigh all this stuff going round my head all day and no help from OH no wonder I drink so much wine :rotfl:
I have had many Light Bulb Moments. The trouble is someone keeps turning the bulb off 
1% over payments on cc 3.5/100 (March 2014)
1% over payments on cc 3.5/100 (March 2014)
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Comments
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You would be wise to reduce those debts as much as humanly possible - but even now, you are still well within the affordability limits of a number of lenders to borrow £200k providing your credit rating is OKI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Really? Gosh that is a weight of my mind, thank you.
Believe me I am busy selling everything that isn't nailed down on ebay and cutting back in every area we can. There's no point in making a far from ideal situation worse with even bigger mortgage payments.I have had many Light Bulb Moments. The trouble is someone keeps turning the bulb off
1% over payments on cc 3.5/100 (March 2014)0
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