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would we get the same mortgage?

(3 Posts)
minkersmum Fri 04-Apr-14 09:52:15

Dh used to earn 40k. We moved to the area we live in for his job. 2 yrs down the line he was made redundant. We used some savings I had plus his redundancy money to pay off a bit of our mortgage to make livinv more affordable while he tried to secure another job. He had a temporary job 27k for a year and now has a permanent post but only p/t hours and in a different area so stays overnight 1/2 nights a week. Without going into too much detail the options were limited and if he wanted to stay in his field of work this post was all that was going. He loves his job and we have managed so far as living where we are is cheap.

However we'd like to move. If we were closer to a big city he may find f/t work in his field and I might find p/t work to fit round kids. But are we unlikely to be able to get the same mortgage given we are currently on a p/t wage? We have never missed a payment ever. We have no debt other than mortgage but I know this is not always a good thing. Would it make any difference that we would only be looking to borrow 30% of house cost?

We need to keep mort at 75k to buy a 250k house. Salary is only 16k but has been for two years anyway in current house with no probs. Is it unlikely?

Sorry, I'm sure somrone else could have explained better in two sentences but hopefully it makes sense to someone!!


Rockchick1984 Fri 04-Apr-14 16:41:18

It's possible, particularly if you're getting tax credits as well as £16k household income, it's the top end of what anywhere is likely to lend you though so you would be wide to use a broker to see which companies would consider you.

Sleepyhoglet Fri 04-Apr-14 19:56:27

Not unreasonable. Try an online mort calculator. It is about 5 times your joint income so seems acceptable to me. The other question I'd ask though it can you afford moving costs eg stamp duty/ agent fees?

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