Is this mortgage realistic ed67812

Is the following realistic;

Our house is valued at £165k (quick sale) but EA recommends something in the £170s as an asking price.

Surprisingly, we've seen a house we love on for £265k.

Joint income of £62k. I am due a payrise of about £5k this year, but unsure when promotion will be signed off so unlikely to be in time for a new mortgage application. I do get overtime of about £5k a year, but this comes ad-hoc: Some months can earn £1k, others zero.

Outgoings include two car loans - one normal loan of £270 and one PCP of £212. Two children but low childcare costs of £240, month (family nearby). Other normal outgoings; half price sky, pet insurance, cheap phone contracts etc, but nothing else major or untypical. No debts except car loans.

Current mortgage is £113k. Would be looking to borrow about £223k (84% LTV on £265k). If ours achieved £165k after fees, then that would free up about £12k to cover stamp duty, legals, mortgage fees, moving costs etc.

I'm thinking that a broker will be essential as we will be pushing lending criteria I reckon. Are there lenders who would be interested?

Online calculators bring back results of £700/month on a 35yr mortgage. Our current mortgage is £765/month, albeit on a 14.5yr term.



You wont have access to all Lenders as your rightly assess given the tight affordability. I would expect, however, some highly competitive lenders in the frame.

Yes, one for a broker.

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