Whats possible

AndrewKent82

Good evening,

Long time reader making first post.

My partner and I have a mortgage on our current place and are looking to upsize due to growing family and I'm looking to find out what options we have. Here is our situation:

Current house value £200k
Mortgage £115k

Unsecured debts
Me: £23k
Partner £5k

Income
Me £68k
Partner £0 (taking time out to look after young children)

Our credit ratings re ok, but there was some Payday loan use a couple of years back.
Regarding our unsecured debt, this has decreased from £38k over the last 18 months as I now earn substantially more than I did previously. In 18 months time, we would expect to have all of this cleared.

The problem is, were not sure we can wait that long to move. We have 2 kids and a 2 bed house so we're keen to move up asap.

My question is, based solely on the information above, what are our options? There is a new build Dev near us with some lovely houses which we quite like the look of. These are priced £425k+. Are there going to be out of our price range in current situation? Even with htb?

Also, with partner not working at the moment (she will return in around 18 months). Am I best of applying solely on my name?

Thanks in advance

Andrew

ACG

It is top end, but possibly achievable.
Have you spoke to a broker to run the numbers?

Thrugelmir

Try some lenders online calculators for an indicative idea as to what you could borrow.

AndrewKent82

Thanks for replies, yes I've found a broker and will be speaking to him in the new year.
What would you think about applying solely for or jointly?

Andrew

csgohan4

the lender will likely ask for dependents and who else will be living and so you may have to put your partner on the application. Children may reduce the affordability as well as your debt. As said, use the calculators online.