Hi
Just thought I would ask AAM for advice. We live in a 2 bed ex-corpo style house in D7, we would like to move as expecting our second child. Unfortunately we bought close to the peak and I estimate the house with cost 320k would be lucky to fetch 200k
However due to inheritance we are very lucky to have 100k in cash
my question is really what can we afford without having to take a higher mortgage. I was looking at houses in the (well on the websites at least) 395K bracket but I'm thinking really can we afford that, Im thinking 320 is closer the mark.
Many thanks for taking the time to look at this
Age: 32
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 40k
Annual gross income of spouse: 45k
Type of employment: e.g. Civil Servant, self-employed : private sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving...breaking even as I will be on maternity leave soon
Rough estimate of value of home: 200k or less
Amount outstanding on your mortgage: 250k
What interest rate are you paying? Tracker Mortgage: 1.95%
Other borrowings – car loans/personal loans etc: none
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments: 170K savings
Do you have a pension scheme? yes
Do you own any investment or other property?
Ages of children: 2 years and one one the way
Childare costs ito the future will be approx 300 per week (taking into account maternity leave and older child going to kindergarden )
Life insurance: yes
Thanks a million
Just thought I would ask AAM for advice. We live in a 2 bed ex-corpo style house in D7, we would like to move as expecting our second child. Unfortunately we bought close to the peak and I estimate the house with cost 320k would be lucky to fetch 200k
However due to inheritance we are very lucky to have 100k in cash
my question is really what can we afford without having to take a higher mortgage. I was looking at houses in the (well on the websites at least) 395K bracket but I'm thinking really can we afford that, Im thinking 320 is closer the mark.
Many thanks for taking the time to look at this
Age: 32
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 40k
Annual gross income of spouse: 45k
Type of employment: e.g. Civil Servant, self-employed : private sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving...breaking even as I will be on maternity leave soon
Rough estimate of value of home: 200k or less
Amount outstanding on your mortgage: 250k
What interest rate are you paying? Tracker Mortgage: 1.95%
Other borrowings – car loans/personal loans etc: none
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments: 170K savings
Do you have a pension scheme? yes
Do you own any investment or other property?
Ages of children: 2 years and one one the way
Childare costs ito the future will be approx 300 per week (taking into account maternity leave and older child going to kindergarden )
Life insurance: yes
Thanks a million