Mortgage options

leereni

We are looking at selling my home, which I would value at 240000, this would leave us with about 60000 equity. We would like to buy a bigger house possibly around 300000. I earn approx 41000+3000 overtime and my partner 7000. We have good credit files.

What chances do you think we have and what are our options re. Government schemes?

Thanks

penguingirl

Go and see an independent mortgage advisor. My understanding is that the government schemes mainly benefit people with high incomes, but low deposits whereas your income seems a bit low for a £240,000 mortgage + buying/selling fees.

martinsurrey

leereni wrote: »

We are looking at selling my home, which I would value at 240000, this would leave us with about 60000 equity. We would like to buy a bigger house possibly around 300000. I earn approx 41000+3000 overtime and my partner 7000. We have good credit files.

What chances do you think we have and what are our options re. Government schemes?

Thanks

Children?
Other dependands?
Other outstanding credit (car/bank/other loans)?

other available savings?

Buying + Selling fee's (inc Stamp Duty LT) are going to be around £8-10K.

thats takes £60k equity to a £50k deposit (17% deposit), on a £300k house, which leaves a £250k mortgage, or 5.2X salary.

A mortgage at that level wouldnt be straight forward (not impossible), and made harder if you have dependands or other obligations.

Help to Buy could help you if you want a new build, but expect to pay a premium for the pleasure.

leereni

Yes thanks, I was thinking the same.