Big change for us

Mini25 · 13 July 2014 at 7:48AM

We are making a big jump from a £63,000 mortgage LTV 35 % to a £203,000 LTV 75 % but our circumstances have changed a lot since we took out our first mortgage 14 years ago but just haven't found the right house well we've just found our dream house and love it.

Does the jump sound normal ?

Put offer in accepted

Applied for DIP was referred then approved

Mortgage application in broker rang to say been accepted and to pay valuation and they will get back to us with what docs they want.
(Already gave broker 3 months wages slips, p60, 3 months bank statement)

We're currently going to rent our 1st property out due to finding our dream home and not selling ours.

Just waiting to here back about mortgage now.

Mini25 · 13 July 2014 at 9:08AM

What are your views ??

it's scary stuff.

And all this waiting of will it be approved won't it be approved is stressing me out.

creditcarddebt · 14 July 2014 at 11:52AM

Hi

We had a huge step up in mortgage, from 86,000 to 205,000! Very very scary. But we had to move house as we only had a 2 bed and were expecting our 2nd child, there was no possibility of the kids sharing as there is nearly a 10 year age difference and there was no possibility of extending the property further. So we had the option of increasing the mortgage slightly and making do with a 3 bed property for the time being and then move up the ladder again in a few more years, or just going for it and finding the home which will hopefully be our forever home. The mortgage increased by nearly 500 but I gave up an office space that I was renting saving between 250 and 300.

I am not going to lie at times its been tough, especially as us both being self employed and no guarantee when you will be paid, but after moving I am glad we went for the forever house as it was a huge stress moving and I really would not want to repeat the process again and again.

RickyC_IFSWP · 14 July 2014 at 12:59PM

Well, you didn't intend to live in the first property forever right?

Moving up in this world is the right direction. Obviously now with higher LTV, your commitments are larger now so job stability is important. Congrats and fingers crossed on the mortgage.