Is the following realistic;
Our house is valued at Â£165k (quick sale) but EA recommends something in the Â£170s as an asking price.
Surprisingly, we've seen a house we love on for Â£265k.
Joint income of Â£62k. I am due a payrise of about Â£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 Â£5k a year, but this comes ad-hoc: Some months can earn Â£1k, others zero.
Outgoings include two car loans - one normal loan of Â£270 and one PCP of Â£212. Two children but low childcare costs of Â£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 Â£113k. Would be looking to borrow about Â£223k (84% LTV on Â£265k). If ours achieved Â£165k after fees, then that would free up about Â£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 Â£700/month on a 35yr mortgage. Our current mortgage is Â£765/month, albeit on a 14.5yr term.
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