We are unable to sell our flat, and currently have £228000 left on the mortgage. I think it would currently be valued at £380,000.
We really need to move now, but I'm unsure what we could borrow - do the same multiples apply as for normal mortgages? 4-5 X salary? We earn combined £128,000 - so would we be able to borrow £640,000 - £228,000 = £412,000?
I would much rather be able to sell & buy, but it's not happening & I know I need to factor in the increased stamp duty etc. I can't speak to our broker until next week, but feeling impatient to make plans.