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Any lenders go above the 4.5 times salary cap?
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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.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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