Could we move?

[RedRobyn2021]

I'm a SAHM and we've just had our second a few weeks ago, we want to move but I'm not sure if we could get the mortgage.

When we bought our current house I was working FT, now just DP works and earns £40K

We have had our house valued, before stamp duty and solicitors fees we should walk away with £100-120K

The only debt we both have is student loans

We have good credit reports

Obviously we need to speak to a broker but can anyone tell me what we might be able to afford? If anything?

If you go just based off the basics, most lenders will be prepared to lend 4-4.5x income, so that would be 160-180k max lending.

BUT that amount is then reduced by:

• Adult living there who isn’t working (as you are classed as a dependent)
• Children, childcare fees
• Other debts

And ultimately does depend on your credit score too.

So being the sole earner in a 4 person household, you’re not going to be able to lend the full 160-180, it’ll be reduced to account for those things.

Worth having a chat with an adviser.

I would suggest ringing London and Country for advice. They are completely free and are recommended by MoneySavingExpert. We have used them over the years from me working full time, part time, sahm with Dh working full time throughout. They should be able to give you some advice on what you might be able to borrow plus the equity from your current house.

https://www.landc.co.uk/