We have saved 60k. Our combined gross income is 170k per annum. The borrowing scenario in my reply above does not include the NE, so we would owe either 580 or 550 as you mention.
In the NE trade up, the bank apply their LTV criteria against the funding of the property to be purchased. They have broader LTV limits in these scenario for the whole borrowing amount (e.g. cannot be over over 175% LTV).
By my calcs, (assuming €600 for new property and €40k NE):
- if we were to borrow 85% LTV on the new property, our overall LTV would be 92%;
- if we were to borrow 90% LTV on the new property, our overall LTV would be 97%.
Reason for move is primarily a combination of work related and space related.