Are we being unrealistic?We earn approx £36k a year that not including overtime which we get quite a lot
Our house we think will sell around 160 our dream house is up for 235 may get it for bit less?
We own 80 on mortgage on 21 year left if we up to 25 years do you think this could happen.
2007-07-16 05:30:51 · 3 answers · asked by Tulip 2 in Business & Finance ➔ Personal Finance
Contact who-ever issued your existing Mortgage.
Quick calcs.
After selling your current house and paying the mortgage you will have 160 - 80 = 80.
To finance your dream home you need a new mortgage of 235 - 80 = 155.
This is a multiple of 4.3 times your salary of £36k.
Since some lenders are willing to go to 5x salary, so "yes", it seems likely you can do it.
2007-07-17 00:36:55 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
You probably could get a loan for the what you need if you have free £80k capital. Either speak to a mortgage adviser or to a few high street lenders. There are plenty who offer enhanced multiples.
Be really sure you can afford it before you get debt up to your eyeballs though!
Good luck
2007-07-16 06:28:29 · answer #2 · answered by BTB 2 · 0⤊ 0⤋
Go for an interest only mortgage,this will make the repayments affordable,putting down your £80k you should get the funds you need on your salary.Good luck.
2007-07-16 07:16:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋