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Finance help
katie4
Posts: 459 Forumite
Inherited £122k, current house value £120k (£40k remaining mortgage) no debts part time wage £970pm partners full time wage £1500pm
would like to move to nicer area/home wondering what value houses we could look up to?
would like to move to nicer area/home wondering what value houses we could look up to?
0
Comments
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£202,000 (equity plus inheritance - assumes you have funds to cover fees, SDLT etc)
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£130,000 mortgage (assumes gross incomes, 25 year term, no credit, no commitments, no dependents etc)
=
£332,000 maximum purchase price.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.2 -
It is generally around 4.5x gross annual income.
I am guessing around £21k and £12k? - £33k combined.
So maybe £140-150k mortgage (maybe a little more or less depending on the details) plus ths £80k you have in your property gets you to around £220-230k give or take.
Have a mess around on some affordability calculators or speak to a broker.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.2
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