could I get a £600k mortgage?

[missp2010]

I have a bit of a nuts idea, I'd just like some advice about whether or not it could be done. We are looking to move house and have found a property on the market for £700,000 our current house is worth roughly £340k we'd make about £120k so we'd need a mortgage of £600k. We do not have a big income at all, I'm a sahm and dh is a teacher. The thing is the property we're looking at has a swimming pool which the current owners hire out to swim/dive schools apparently making £3000 a month. They also say that they often turn people down, so it could be possible to make even more income from the pool. This income could therefore cover the mortgage payments.

Do you think any bank would lend us the money to buy this house? Or am I being completely stupid?

Thanks for any opinions.

That's what I thought. When I've gone mortgage shopping I've been offered ridiculous amounts of money probably because I work in a profession. It always makes me laugh as there is no way I'd ever be able to pay back the sort of sums mentioned.

This has to be one of the most fickle flounces I've read in a long time

now now k, the op has gone to drown her sorrows...

i'm pretty sure the swimming pool at my boys school (standard 6 lane 25m) costs about £3000/month to heat That would eat into any profits !
anyone managed to find this place on right move?

'I'd just like some advice about whether or not it could be done'

Ok - not really lighthearted...

'We are looking to move house and have found a property on the market for £700,000 our current house is worth roughly £340k we'd make about £120k so we'd need a mortgage of £600k'

sums definately not lighthearted...

well, I suppose the op and her dh could pool together all their savings....

Ah, of course 'swim/dive schools'. That old chestnut.

would telling her to "piss off" be punny enough or just nasty? (Just a question - I'm not telling her to piss off as she has obviously decided to piss off anyway)

Or they could be brave and take the plunge?

'I'm off to bed now. I doubt I'll be back on mumsnet again. Please don't bother to reply further'

Why ??

and dive right in...

House sounds amazing - it's the sort of fantasy me and DH would have if we saw it! Please link to it?

The estate agent shouldn't have shown you it IMO or been so vague about the income from the pool - from what people are saying on here, it's a lot more complicated than just hiring out the pool with all the costs involved.

Maybe it's been on the market for ages, put in a cheeky £450k offer

Oh and please don't flounce over this, it's not nice having your bubble burst but it'd be a lot worse if, say, you'd posted on another forum where everyone oohed and ahed and enabled you.

OP I think these people will probably be able to help.

The bank would laugh you out of the branch. You would have struggled before the recession but you have no chance now.

Oh dear OP is cross isn't she? We've shattered her dream. If you are flouncing... Goodbye. If you'd like to grow up a bit and stay well I'll see you around.

Maybe its boasting by stealth???

Or if she posted that she was up to her eye balls in debt cos of buying that house...

Perhaps this thread should have been in AIBU

I fear the OP is out of her depth!

ARF ARF someone stop me!

Could you just crawl away K999?

You don't want to dive in to deep, OP.

You could get the bends ...

she was just floating the idea

this one? though it'd have to be for 1-1 classes?

I think it could have been this - but the OP was maybe a tad optimistic about what would be an acceptable offer.

Still in at the deep end eh?

No diving board NLatlarge.....

Ah yes. That makes the whole thing a bit shallow doesn't it? I will dive in again and retrieve a golden brick of a house from the bottom of the housing pool......