What can I borrow? Mortgage help! I need to move!

Little*Miss

Afternoon all!

Can anyone help me!:)

So I have my own 2 bed flat. It is lovely however I am currently paying £2k a year in management fees. This is fairly expensive for this area and this week I was told the fees are set to increase again next year. I am getting to a point where I don't want to pay such a large amount when I could put that money into a home.
However I do not think I can afford to move? I don't really want to have a side move which does not achieve anything.

I have looked into mortgage calculators and it says I can only borrow £80k.

My property is worth about £185,000 I owe £110,000 on the mortgage so to £80k mortgage would not even cover this?

I earn only £17,706 a year.

I don't want to get stuck here overpaying and being unable to save to move.

Is there anything I can do?

Thank you!!!

Thrugelmir

Little*Miss wrote: »

I don't really want to have a side move which does not achieve anything.

I'd say not outlaying £2k a year is worth a sideways move. Given your annual income.

Little*Miss

Yes good point!

enthusiasticsaver

If anything it looks like you would have to downsize or move to a cheaper area as the mortgage you will get would not even get you a house at the same price as your flat? How did you get £110k or £145k mortgage on just your salary or have you taken a salary decrease or has a partner moved out?

getmore4less

Once you factor in the costs of moving you probably have £150k to buy somewhere.

To go sideways or up you might be looking at shared ownership so not really solving the problem of extras.

you are also probably ruling out many newish areas as even freehold places come with charges if the council have not adopted the other spaces.

If the place is otherwise nice what about a lodger to up your income and help with the costs and mortgage increasing your equity.