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Mortgage Options
tc83
Posts: 15 Forumite
I have a mortgage with Alliance & Leicester, I currently owe £129,000 with 29 years left.
I have a two bed house which I'm looking to sell for around £140,000 and I have seen a 3 bedroom house I want for £180,000.
I earn £25,000 and my wife earns £21,000.
What are my options? Can I move?
Help!
I have a two bed house which I'm looking to sell for around £140,000 and I have seen a 3 bedroom house I want for £180,000.
I earn £25,000 and my wife earns £21,000.
What are my options? Can I move?
Help!
0
Comments
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Do you have any additional savings? I'd be worried that the £11k equity you have in your current house will be eaten up in buying and selling fees as well as stamp duty, leaving you with no deposit.
I'd say with your joint income you should be able to afford the £180k house but it will all come down to whether you have any deposit or not.0 -
As the op said, it sounds tricky in terms of a deposit unless you have significant savings you've not mentioned. You'll need an absolute min of £18,000 for the deposit (and the rate will then be poor), £1,800 for stamp duty, and at least £1000 for fees, searches etc. but it seems you only have £11k equity in the house at present. You would really need double that without savings.0
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