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Any lenders go above the 4.5 times salary cap?

watcher27 · 2018-03-24 09:46:45

So, looking to move to a bigger property. We have found a place and made an offer of £295K, which has been accepted. Our current house is now on the market for £260K and the estate agent says we will get at least £255K for it. We have a settlement figure of £148K on current mortgage. So that leaves us with £106K of equity…

Comments

enthusiasticsaver Posts: 16,216 Ambassador

24 March 2018 at 4:50PM

I know with house buying it is very easy to let the heart rule the head so I am pleased to read you will have a think about it. It does sound like it would be a good project but long term but if you intend making it a family home for years it may be worthwhile.

Personally though I would cap your new mortgage at the maximum of £212k and just do as much as you can with the spare money you have depending on what you get for your house and maybe don't pay the loan off until you have moved unless it affects the amount you can borrow. Fix the mortgage for as long as possible.

It does look like it will be tight though.

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