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Mortgage borrowing estimate please? Ball park

(7 Posts)
ANiceSliceOfCake Wed 25-Oct-17 16:28:46

I will get our house valued and see a mortgage advisor, but just as a rough guide (while I mooch on right move) can anyone give me an estimate on these figures atall.

Current, house bought for £225 3 years ago, we've done it up (it was a mess) and it's worth about £300 now.
We have a £180,000 mortgage on it.

So we have around £100,000 as a deposit, the other 20k will factor for moving costs etc.

We both earn circa £30,000 each, no debts.

So if we were to move what house price could we look at?

Or am I now one of those annoying people who has asked a 'how long is a piece of string' question grin

titchy Wed 25-Oct-17 17:51:31

If you shop around you might get 4 times joint salary so £240k mortgage plus £100k deposit.

TittyGolightly Wed 25-Oct-17 17:54:31

£240k mortgage plus £100k deposit.

Which given the cost of moving, stamp duty and the uncertainty of Brexit, probably isn't worth it.

ceeveebee Wed 25-Oct-17 17:55:02

You can enter the figures into a mortgage calculator and get a quick quote
Eg
www.nationwide.co.uk/products/mortgages/our-mortgages/mortgage-calculators/mortgage-quick-quote

They take expenses into account now so they deduct childcare costs and any other credit repayments from the amount you can borrow.

BarchesterFlowers Wed 25-Oct-17 17:58:19

We were offered 4.5 times, both jointly and on a single income, recently.

Similar position, no debts, just normal food, bills, car running costs, etc..

afromom Wed 25-Oct-17 18:11:56

We earn approx the same as you (about £62,000 jointly). We have just bought a house for £290,000 with a £72,000 deposit. The mortgage company were prepared to lend us £260,000, 3 companies quoted that amount so fairly sure that's an accurate estimate on our salary level.
We managed a 75/25 mortgage, with £100,000 you would obviously be at a better ltv so may get a better rate (although ours was very low as we went with Atom bank when they launched and their rates were crazy when they started.
I would say you could probably go up to about £350,000 for a house. As others X have said stamp duty will be high, but you should be able to do it for £20,000. Ours cost us about £14,000 to move all in.

delilahbucket Mon 30-Oct-17 18:46:44

Major factors on the figures are your age, you intended retirement age, your out goings and whether you have any children. Have you looked at online mortgage calculators? They're not hugely accurate, but will be more accurate than anyone here could ever be.

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