Mortgage advice

nicky_s_2

Can anyone advise me. We have a shoebox of a house worth approx we think £130K. Our mortgage balance is approx 50k and we have a secured loan for 45k. Our income is 12.k for hubbie, without overtime. 9k for myself, again without overtime. We desparately need the extra space and have been looking at the property pages. Could we get a mortgage for a house for 160k, or if not what price houses could we realistically look at.

Any advice greatly appreciated.

Nicky.

JoeK_3

Nicky, your combined incomes are not sufficient to get a mortgage of that size.

Have you considered a shared ownership property.

JoeK

homer_j_3

I would guess what overtime you had would be key here but if its minimal, you will be struggling as Joe has said.

MarkyMarkD

I can't honestly believe that you find £95k of debt affordable at present on that level of income; you certainly aren't in a good position to be borrowing even more.

myboyelvis

JoeK wrote: »

Nicky, your combined incomes are not sufficient to get a mortgage of that size.

Have you considered a shared ownership property.

JoeK

Hi JoeK, I thought i had a secured loan against my property but a call to my mortgage company today clarifies that the secured loan company did not pay the fee to register this loan against my flat. I received a 'Unilateral Notice' soon after i bought my flat showing that the loan company had an interest in my property. Firstly, if my mortgage company say there is no secured loan is that correct. Secondly, is the 'Unilateral notice' I received a real letter. Unfortunately the loan company are property developers (dodgy!!) and they are also my freeholder / managing agents et el. I don't know whether to be pleased that i have no secured loan or see a solicitor.

myboyelvis

homer_j wrote: »

I would guess what overtime you had would be key here but if its minimal, you will be struggling as Joe has said.

Hi Homer, I thought i had a secured loan against my property but a call to my mortgage company today clarifies that the secured loan company did not pay the fee to register this loan against my flat. I received a 'Unilateral Notice' soon after i bought my flat showing that the loan company had an interest in my property. Firstly, if my mortgage company say there is no secured loan is that correct. Secondly, is the 'Unilateral notice' I received a real letter. Unfortunately the loan company are property developers (dodgy!!) and they are also my freeholder / managing agents et el. I don't know whether to be pleased that i have no secured loan or see a solicitor.

toonfish

it's still there - whether it's secured or not. There are lenders that would consider this but at that level of income multiple the repayments could be difficult for you.

Might be worth approaching your own bank too - see what they have to offer.