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How to establish what I can afford to buy?
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LordBanbury
Posts: 2 Newbie
Hello MSE,
Hope you can help an old lurker!
I'm considering moving up the property ladder, but am struggling to find out what I can afford to buy next.
Current property is worth about 300k and I have about another 100k available to use as extra towards the deposit.
Property/ mortgage sites I've looked at don't seem to accommodate being able to use cash as well as the 10% value of my current property.
Any suggestions where else I should ask or look?
Thanks in advance.
LB
Hope you can help an old lurker!
I'm considering moving up the property ladder, but am struggling to find out what I can afford to buy next.
Current property is worth about 300k and I have about another 100k available to use as extra towards the deposit.
Property/ mortgage sites I've looked at don't seem to accommodate being able to use cash as well as the 10% value of my current property.
Any suggestions where else I should ask or look?
Thanks in advance.
LB
0
Comments
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https://www.moneysavingexpert.com/mortgages/how-much-mortgage-borrowing/
Add whatever deposit you have to the above as a guide then speak to a mortgage broker and get some concrete figures.1 -
Many thanks, I shall do just that.
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What is your equity in the 300k (may not still be 10% if you've paid down mortgage payments). Do you plan to sell this?LordBanbury said:Hello MSE,
Hope you can help an old lurker!
I'm considering moving up the property ladder, but am struggling to find out what I can afford to buy next.
Current property is worth about 300k and I have about another 100k available to use as extra towards the deposit.
Property/ mortgage sites I've looked at don't seem to accommodate being able to use cash as well as the 10% value of my current property.
Any suggestions where else I should ask or look?
Thanks in advance.
LB
You can go into most mortgage calculators and enter in your deposit = 100k + equity amount.. I would expect most calculators do accommodate that, please confirm what you're using if you see otherwise.0
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