My husband and I are considering moving house and looking at mortgage options. We owe about 260k on our existing BoI mortgage. Our house is worth about 460k. In addition to the 200k equity, we have 200k to put towards a new house for 660k so that would mean we'd need about the same mortgage as our existing mortgage balance of 260k. The LTV would be just below 40%.
Since our last mortgage application 7 years ago my husband earns more money but I stay at home with the kids. He earns 75k p.a. in a safe job. I have inherited money from my father.
My husband spoke to BoI recently (and briefly) and they are saying they we could only borrow 220k as that's all our income would support given we now have kids and I earn nothing. They asked what we save and the inheritance was mentioned - they only wanted to hear about 'regular savings'; the lump sum didn't seem to register.
Allowing for a 1% increase in the rate we pay currently and increasing the term slightly would make our repayments the same. We've never even had to need a direct debit be re-presented; never mind miss a repayment. Surely the bank can see this?
Where do I take this from here? Based on the above, should I have an issue getting the 260k off them?
Since our last mortgage application 7 years ago my husband earns more money but I stay at home with the kids. He earns 75k p.a. in a safe job. I have inherited money from my father.
My husband spoke to BoI recently (and briefly) and they are saying they we could only borrow 220k as that's all our income would support given we now have kids and I earn nothing. They asked what we save and the inheritance was mentioned - they only wanted to hear about 'regular savings'; the lump sum didn't seem to register.
Allowing for a 1% increase in the rate we pay currently and increasing the term slightly would make our repayments the same. We've never even had to need a direct debit be re-presented; never mind miss a repayment. Surely the bank can see this?
Where do I take this from here? Based on the above, should I have an issue getting the 260k off them?