Mortgage chances?

Kimmy1980

Hi Hope someone can give me a bit of advice I'm worrying myself sick over this!!

Basically hubby and I have a mortgage just under £25000 left on it. We are looking to buy a bigger house and have looked into part exchanging on a new development up the road. The house we own now hopefully should sell for £125000 leaving us with £100000 to put down on a new home. The one were looking at is £233999. With fees etc the most we should need to borrow is £140000. Hubby earns 25000 pa but also has bonuses which has put his income to £34000 past few years mine is £9300 (part time also term time). Both have OK credit record but I had a late payment on a credit card in May 2011, looking at my credit record it still shows as being 2 months late this was because I got a consolidation loan and paid off the credit card with it but didn't realize there was interest which appeared after. This is what's worrying me that we will get refused because of this. Hubby has credit card with 5000 limit only 1000 on it which were flights for next years Hol. I have 2200 on a 0% card. I have another 2 card with 0 on them but limits of 3500 and 1800 I didn't realize I should have closed them if unused as they could affect my rating. Had no ccjs by defaults etc all payments made on time since the ones missed 2.5 years ago. This whole situation is playing on my mind and worrying me I'd love our family home. Also have 4 kids I've heard this can go against us.

Any input gratefully received

Thanks (apologies for typos on phone)


Edited to say in case relevant were 33 so looking at 25/30 year mortgage

Thrugelmir

You may well be pushing the limits of affordability.

If you can afford a larger mortgage. Take the opportunity to clear your existing debts and repay your existing mortgage quicker.

In a few years time you could regret the decision to burden yourselves with a large mortgage. If interest rates were to return to normal levels.

Kimmy1980

Thanks for your reply that's what's also worrying me. When we spoke to the mortgage advisor he said he can prob get us a rate of 1.9% fixed for 2 years which would be great but then when the rate goes up and if we can't get another fixed deal for whatever reason I'm worried it be a struggle.

amnblog

Stopping worrying.

You can raise these funds in all probability.

See an independent mortgage broker and make sure terms and payments are affordable to you.

Kimmy1980

Thank you,
I am such a worrier my husbands certain this is affordable and 140000 would be maximum amount needed. I just get myself worked up over getting credit for it prob as it means so much to us for the kids. We bought the house were in cheap off the council down a road we wouldn't have bought in purposely for a jump onto the property ladder. Its been our dream working towards for past 7 years so worried it end in tears being refused.