Age: 35
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: 48000
Annual gross income of spouse:0
Monthly take-home pay 3200
Type of employment: e.g. Civil Servant, self-employed private
In general are you:
(a) spending more than you earn, or
(b) saving? Breaking even
Rough estimate of value of home 168000
Amount outstanding on your mortgage:128000
What interest rate are you paying? 4.5%
Other borrowings – car loans/personal loans etc. car loan 15500
Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card? No 1900
Savings and investments:8k credit union
Do you have a pension scheme?
No
Do you own any investment or other property? No
Ages of children: 1/3/6/9
Life insurance:
Yes
What specific question do you have or what issues are of concern to you?
We live in a very small 3 bed semi. We need to extend/move in the future. We paid 163k for our house in 09 and instantly it was worth 90k. House prices have come back up so we now have 40k equity. I'm working on paying off the credit card at the moment. I'm basically wondering what can we do to get a mortgage once the credit union loan is paid off? How much do we need to be earning? We will need a mortgage of 160k?
Thanks for any info
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: 48000
Annual gross income of spouse:0
Monthly take-home pay 3200
Type of employment: e.g. Civil Servant, self-employed private
In general are you:
(a) spending more than you earn, or
(b) saving? Breaking even
Rough estimate of value of home 168000
Amount outstanding on your mortgage:128000
What interest rate are you paying? 4.5%
Other borrowings – car loans/personal loans etc. car loan 15500
Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card? No 1900
Savings and investments:8k credit union
Do you have a pension scheme?
No
Do you own any investment or other property? No
Ages of children: 1/3/6/9
Life insurance:
Yes
What specific question do you have or what issues are of concern to you?
We live in a very small 3 bed semi. We need to extend/move in the future. We paid 163k for our house in 09 and instantly it was worth 90k. House prices have come back up so we now have 40k equity. I'm working on paying off the credit card at the moment. I'm basically wondering what can we do to get a mortgage once the credit union loan is paid off? How much do we need to be earning? We will need a mortgage of 160k?
Thanks for any info