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General mortgage question
Padsnbon
Posts: 6 Forumite
Possibly a nieve question but.... 
We recently sold our house making a £86,000 profit and moved from the north to the midlands. We are currently renting until my partner (main earner) finds new employment. When he is successful we would like to purchase another house using our profit. We would like to aim for house in the price region of £180,000 or higher.
As nearly half of the house will be owned by ourselves are there any good mortgage lenders out there that take this into account as my partner would only be earning between £18,000 - £20,000 a year (my income only being £7,000) We have no other loans.
We recently sold our house making a £86,000 profit and moved from the north to the midlands. We are currently renting until my partner (main earner) finds new employment. When he is successful we would like to purchase another house using our profit. We would like to aim for house in the price region of £180,000 or higher.
As nearly half of the house will be owned by ourselves are there any good mortgage lenders out there that take this into account as my partner would only be earning between £18,000 - £20,000 a year (my income only being £7,000) We have no other loans.
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Comments
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Based on your income you are limiting yourselves to lenders with higher income mutiples or who based mortgages on an affordability calculation.
You would be looking for a loan of around £100k and I think you should be able to get this agreed - however make sure that even if you get the mortgage agreed it is affordable to you now and in the future.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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