How much could we realistically afford?

Limerman90

We have been looking at a property we like, but want to know if we can realistically afford it, how much more could we borrow? I’ve tried online calculations etc but getting confused by it all, seems even more confusing than when we were first time buyers! I’ll provide some further information, would really appreciate any further advice. 

Our house valuation: £220,000

House were interested in: £260,000

Current mortgage: purchase price £140k in 2017 with a mortgage of £133,000

£109,500 remaining

Fixed until 2026 at 2.6% and portable with 23 years remaining (£539 pm)

Household income £42,000

Savings £13,000 currently 

Dependants: 1 

Hoenir

To keep matters simple for the moment assume the bulk of your savings will go in movings costs. 

What you need to plug into an affordability calculator for your existing lender is a mortgage of £150k. With answers to any other questions asked. 

While that takes no account of your current product. It'll give an indication of what you'll need to budget on and whether it is affordable

theoretica

How fast have your 13k savings been building up?  That will give you an idea of what more you might be able to afford to pay to a mortgage (though a bigger house may have bigger fuel bills/council tax etc ) and you will need to decide what you need to still put aside for emergencies, car replacement etc.