Thanks for your advice in advance!
I own a house bought for 350,000 four years ago and now worth about 300,000. Mortgage owed is 200,000.
We are living on 1 salary as we have young kids and I am looking for advice about trading up to a bigger house either now or in about 5 years. Obviously the advantage is the prices are much lower now and I feel that we would save a fortune if we stretched ourselves.
The problem is we could not get a mortgage for a house we want, around 520,000 including stamp duty. We could only get about 320,000.
Is it possible for parents to help out and guarantee a mortgage for adult children or would the banks laugh at me?
Is it wise to be considering a move like this now?
Any advice would be very much appreciated as I am totally at sea in this area!
I own a house bought for 350,000 four years ago and now worth about 300,000. Mortgage owed is 200,000.
We are living on 1 salary as we have young kids and I am looking for advice about trading up to a bigger house either now or in about 5 years. Obviously the advantage is the prices are much lower now and I feel that we would save a fortune if we stretched ourselves.
The problem is we could not get a mortgage for a house we want, around 520,000 including stamp duty. We could only get about 320,000.
Is it possible for parents to help out and guarantee a mortgage for adult children or would the banks laugh at me?
Is it wise to be considering a move like this now?
Any advice would be very much appreciated as I am totally at sea in this area!