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Second time buyer
zombiecakes
Posts: 1 Newbie
Hi all,
We've only bought one house so not entirely sure how the mortgage process works when we move.
We bought a new build flat a few years ago using a 5% deposit offer. The house cost us £142,000, the exact same flats now selling for £190,000-£200,000. We now need to relocate as changed jobs and are looking at about £180-£200,000 for the kind of house we want/need.
My main concern is our circumstances have changed. When we bought the flat both my husband and I were working. We've since had 2 children so I am a full-time Mum. How likely are we to be able to get another mortgage for a similar amount to the mortgage we have now? Husbands wage will be ~£42,000 per annum. Since I'm not sure how these things work I'm worrying about us getting a mortgage to be able to move! Any advice would be great!
We've only bought one house so not entirely sure how the mortgage process works when we move.
We bought a new build flat a few years ago using a 5% deposit offer. The house cost us £142,000, the exact same flats now selling for £190,000-£200,000. We now need to relocate as changed jobs and are looking at about £180-£200,000 for the kind of house we want/need.
My main concern is our circumstances have changed. When we bought the flat both my husband and I were working. We've since had 2 children so I am a full-time Mum. How likely are we to be able to get another mortgage for a similar amount to the mortgage we have now? Husbands wage will be ~£42,000 per annum. Since I'm not sure how these things work I'm worrying about us getting a mortgage to be able to move! Any advice would be great!
0
Comments
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It will come down to affordability, it could be a little on the tight side but you need to have a messa round with some lenders affordability calculators or speak to a broker.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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