Want to borrow more

Debtslayer

bartmatt wrote: »

We have no credit cards, debts or loans etc.

Our crediting rating is both over 700 as I assume it is this due to getting our mortgage, joint account etc only August last year.

We currently have 1 dependant, 1 week old

The rate of £480,000 was through a mortgage broker.

So you only got mortgage in August last year? What are the early repayment charges? Is it fixed?
Reference new house cost I think you need to pull it back to Wgat you have been told you can afford and not over stretch yourselves even if you somehow managed to borrow 550,000.
What are your outgoings going to be once your little one goes to nursery? Are you planning to have more children in the future?
Would you be able to afford everything if you suddenly went down to one salary?

bartmatt

Next year my partner will be going off work so will not have child care costs. Yes we will loose her salary but I can afford it on my own.

We will have another child but not for at least 2 years.

I was meant to say April last year so we our not out of our fixed rate til April 2017. They will want £6000 exit fee.

We currently have £150,000 equity in our property so I was going to do £100,000 deposit on the next property and use the rest for all the estate agent fees, solicitors, stamp duty, exit fee etc.

The way I am looking at it at the moment is that the property we live in is still going up in value but the area we want to live in is going up twice as quick. And if we don't do it soon, then A. we will be priced out of the area completely and B. We will loose my partners salary in Feb 2017 when she finishes work.