Looking to move but need some advice

malcs1975

After owning this house for 22 years we have decided to finally move to what I call our forever home 

We both earn decent money on paper to afford next mortgage but I have a couple queries 

Current house is valued at circa 160k 

We have approx 25-30k of mortgage and remortgage left including one secured loan (we were reckless years ago) 

Never missed a payment ever 

Approx 20k of unsecured debits between me and my wife which is a loan and a credit card each  

Total payments per month for all these is circa 1.2k per month 

Rough fag packet calcutions leaves me a deposit of approx 100-110k  with the.mortgage of between 900-1000 per month 

Spoke to Santander initially for some advice as that's who our current mortgage is with who said they would want all this debit clearing before they would.loan us the money to buy the new house Even though I wanted to clear everything up with the equity 

Kind of nervous as I feel I'm stuck in this house for the next 5-7 years which is too small for us as little girl grows up

Alter_ego

Santander have given you the best advice.

haras_n0sirrah

Some lenders will count debt even if you are clearing it. Not all lenders do the same
Why not speak to a broker. If you don't have one some of us who post here are independent brokers and are identifiable by our signatures. We are not allowed to approach posters but most of us are happy to respond to pm's asking for help

FTB_crossed

malcs1975 said:

After owning this house for 22 years we have decided to finally move to what I call our forever home 

We both earn decent money on paper to afford next mortgage but I have a couple queries 

Current house is valued at circa 160k 

We have approx 25-30k of mortgage and remortgage left including one secured loan (we were reckless years ago) 

Never missed a payment ever 

Approx 20k of unsecured debits between me and my wife which is a loan and a credit card each  

Total payments per month for all these is circa 1.2k per month 

Rough fag packet calcutions leaves me a deposit of approx 100-110k  with the.mortgage of between 900-1000 per month 

Spoke to Santander initially for some advice as that's who our current mortgage is with who said they would want all this debit clearing before they would.loan us the money to buy the new house Even though I wanted to clear everything up with the equity 

Kind of nervous as I feel I'm stuck in this house for the next 5-7 years which is too small for us as little girl grows up

You don’t have to stay in the same house for any more than you want.
Don’t go for remortgage with same lender. Just sell your house and keep the equity then pay your debts but you might have to live on rent for few months till you find your new property. Don’t go as a chain seller to get a different house. 

Just sell the house and buy a different one. Set yourself a target of 6 months. 

Don’t let people tell you what you can and can’t do.