Mortgage Help?! Please....

LarkyBoy

Hi there,

Can anyone help me out, I currently have a Mortgage of £50,000 which I have been paying around £330 a month for the past 5yrs so it has gradually come down I honestly don't know what my outstanding balance is, but looking to move home, my partner doesn't work but claims incapacity benefit so we rely on my wages for a mortgage I am currently on just under £17k a year & was wondering if anyone could help me out by telling me what the maximum amount of mortgage that I can borrow as looking to move house as current house that we are in isn't big enough for my family.

I'd appreciate any help that anyone could give me on the sum of how much I can borrow from any mortgage lender, looking for anything between 20 - 30year Mortgage loan.

allan673

to be honest i would phone your current lender and ask for a current mortgage balance.
then ask them how much they will lend you on your current salary.

natman

Yeah I would agree with Alan,
With Mortgage products all over the place at the minute, starting with you current lender and getting information seems a good idea.
My friends have taken out a mortgage for 32 years - Basically they negotiated this. The lender had a agrement that the loan should not go on after pensionable age( i think 65) they were 30 and 29, so all parties agreed to a 32 year long mortgage.

Beacause I dont know how long you have been paying or how much you have left to pay off its difficult to answer this.
You probably owe around 47k i imagine as most of the money in the early years is interest.
If you on 17K you would probably get a mortgage for around 50k I imagine.

If you have a look on moneysupermarket.com and the mortgages section if may give you a rough idea of monthly payments - you can choose terms from 5 years to 30 years (i think)