Is this even possible?

aimex

Hi guys
We currently have £128k outstanding and just over 18 years on mortgage on our housr which I think (altho need to check )is worth about 220k. Oh earns approx 35k and I don't work as we have two smalls so only have child benefit coming in for them which is approx 130 every 4 weeks. We don't have any other debts or anything like that. Would our mortgage lender be willing to extend our term and mortgage amount on a new property based on my husbands income alone? (I know you can't give definite but do you think likey)and how much would they extend to ie what sort of figure would wr be looking at then buying for as a maximum?

Thanks for he help xx

amnblog

That depends on your lender - have you asked them?

audigex

It's likely to be close on his sole income, but you should find a lender willing to do it if your current one won't.

It will likely come down to affordability

aimex

Our lender is nationwide and haven't asked them yet as we were waiting on getting our house valued. Just wondered if anyone knew roughly liklihood or what they'd go up to ie to buy a house for £x amount. X

audigex

Depending on their affordability tests you'd generally assume they'll lend you (total) somewhere between 3x and 5x your husband's income: so somewhere between £105k and £175k

That realistically means at most you'd be moving to a house worth £50k more than your current one, but there's no guarantee they'd even lend you any more money at all. With both you and your children as dependents, it will come down to the affordability assessment.

Many lenders wouldn't even lend you the £128k you already owe right now on a single £35k income