mortgage query

ukdickie31

Ok. Found a house £249,950.

We have just over £40k saved and own our house outright. Would like to get £1110k but would sell for £100k

If we chose to sell later. Is raising a £ 200k mortgage on joint earnings of £51k doable ?

I am due to get some more cash through inheritance early in the new year £7k ish and a small savings plan matures for about £2.5k in late Feb

We have no debt and would hope to have excellent credit scores.

Houses come and go so realistically we may have to miss this one and keep looking. By then finances may be finalised with another £10k in my bank, not pending.

What chances are there now to get a mortgage of £200k if we chose not to wait ?

Thrugelmir

ukdickie31 wrote: »

What chances are there now to get a mortgage of £200k if we chose not to wait ?

No harm in asking.

What would be the plan for your existing property?

kingstreet

4x joint income is pretty normal today at a loan to value of about 80%. Be careful that a large number of financial dependents, high monthly credit commitments and maintenance going out will erode what you can borrow as lenders pay attention to potential affordability issues.

ukdickie31

Thanks for replies.

Plan for existing house. Sell.

1 dependent child. No other financial outlay other than normal domestic bills.

It's been great being mortgage free the past 2 years !!

Dave_Ham

Just to add to the accurate posts thus far that sometimes age is a barrier when borrowing high income multiples.

If one of you are 45+ then income multiples may start to reduce..

All the best

ukdickie31

many thanks again.

Age 43 and 38.

We may wait until later when we have £50k saved and a better idea on the market for 1st time buyers (who should be able to buy our house). If we can sell that at a sensible price, £100k mortgage is more palatable than a £200k one, let alone a lot cheaper !!

Just testing opinions on the viability at this point.

Thrugelmir

An empty house will cost you money.