new house purchase
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lewisss
Posts: 1 Newbie
Hi all, this is my first post, I'm after some guidance before we get carried away with a house that may for now, be unobtainable.
Myself, wife and 2 kids live in a house where we owe £165K. We've just had it valued at £280K so we're happy so far.
We wish to purchase a larger house and found the perfect one. It is however £475K.
I earn £47K
Wife £25K
Obviously looking at these numbers we can't afford it.
HOWEVER, the whole point of moving is to move my aunt in with us. We are here only family and we've discussed this for a few years. She has £60K in savings she would put in now, but also owns a house in Spain which will be sold next year for around £235K. (houses in Spain are taking a while to sell, some up to 3 years in her village).
What I'm asking is does it seem feasible for me and my wife to use our £115K equity and £60K cash to form the deposit, leaving a total of £300K to further fund on a mortgage. Will the promise of the Spain house money hold any bearing on the application? Or could we obtain a 5 year interest only mortgage then reapply when the funds are here?
any advice would be most appreciated.
Kind regards
Myself, wife and 2 kids live in a house where we owe £165K. We've just had it valued at £280K so we're happy so far.
We wish to purchase a larger house and found the perfect one. It is however £475K.
I earn £47K
Wife £25K
Obviously looking at these numbers we can't afford it.
HOWEVER, the whole point of moving is to move my aunt in with us. We are here only family and we've discussed this for a few years. She has £60K in savings she would put in now, but also owns a house in Spain which will be sold next year for around £235K. (houses in Spain are taking a while to sell, some up to 3 years in her village).
What I'm asking is does it seem feasible for me and my wife to use our £115K equity and £60K cash to form the deposit, leaving a total of £300K to further fund on a mortgage. Will the promise of the Spain house money hold any bearing on the application? Or could we obtain a 5 year interest only mortgage then reapply when the funds are here?
any advice would be most appreciated.
Kind regards
0
Comments
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The property in Spain is irrelevant.
If you can secure an interest-only option, affordability is always based on repayment, so it won't help you borrow more.
Many lenders don't like someone contributing to the deposit, living in the property but not being party to mortgage/ownership, so a broker may be a sensible source of further help.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.0
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