Mortgage based on affordability rather than x6 my salary?

tallmandat

Hi guys

Firstly sorry if this is in the wrong category I couldn't find one specifically for mortgage advice....

Just had our home evaluated for £350k 

I'm willing to sell for £340k depending on the offers. I've got 80k (including pen charges) to pay off existing mortgage lender. Kiss goodbye to a further £25k on stamp duty, agency fees, solicitor fees, etc. So I'm left with £235k equity, am I right?

I'm on £40k salary and my wife works part time she's on £3,600 a year. We have two kids boy 10 the girl is 8.

The 3 beds I've been looking at are £450k to 500k. So I'd need to borrow at least £215k ideally £240k to get us a chance of moving into a decent home in a decent area. 
All the lenders I've checked with online and in the phone say I can borrow around £180k max.

So is my desired target of borrowing £215-240k a pie in the sky? Do these type of lenders exist and what's the catch? 

Got no debts except 1 credit card with £2300 and no savings... 

My wife also started working part time since may and self employed. Made £18k so far but a lot of it went on clearing debt. 

Any advice or hope thrown appreciated. Thx

mjm3346

From the MSE guide
 "Lenders typically cap the loan-to-income ratio at around four-and-a-half times your annual salary"
that is the upper and not the most likely

calculator here

https://www.moneysavingexpert.com/mortgages/how-much-mortgage-borrowing/

Edi81

You realise there is a board called mortgages?
An admin will move the post

vixx_123

The buyer pays stamp duty, not seller. However, you did say that you have no savings, so I guess you'll take stamp duty, solicitor fees, survey, moving fees etc out of the equity.

 When I was looking for mortgages, the max was 4.75 times salary. Best to talk to a mortgage broker.