Just after some advice.
My wife owns a property abroad with family. She owes approx £135K on it and pays about £800/ month. She is trying to sell at the moment but the market inst doing to well.
We would like to buy a family home in London.
My wage: £50K /year, £2,700/month
Her wage: £21K/ year £1,400/month
Expenses: £400 childcare / month
No outstanding debts.
I have looked at some mortgage calculators and it seems that as a joint mortgage the most we could borrow is £185K. I am guessing this is because of the monthly repayments to the other property. If it is just me as the applicant on the mortgage, it looks like we can borrow about £195K.
We have about £35K saved up and are working hard to save more. We would ideally like to borrow about £250K and I have done the monthly sums and this is affordable for us.
We cant rely on the property abroad selling as I dont think this will happen any time soon.
Just wondering if anyone had any advice or suggestion? Please let me know if you need any more info.
Thanks in advance.
My wife owns a property abroad with family. She owes approx £135K on it and pays about £800/ month. She is trying to sell at the moment but the market inst doing to well.
We would like to buy a family home in London.
My wage: £50K /year, £2,700/month
Her wage: £21K/ year £1,400/month
Expenses: £400 childcare / month
No outstanding debts.
I have looked at some mortgage calculators and it seems that as a joint mortgage the most we could borrow is £185K. I am guessing this is because of the monthly repayments to the other property. If it is just me as the applicant on the mortgage, it looks like we can borrow about £195K.
We have about £35K saved up and are working hard to save more. We would ideally like to borrow about £250K and I have done the monthly sums and this is affordable for us.
We cant rely on the property abroad selling as I dont think this will happen any time soon.
Just wondering if anyone had any advice or suggestion? Please let me know if you need any more info.
Thanks in advance.