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Want to move home - Advice on Mortgage

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  • Want to move home - Advice on Mortgage

    Ok, been a while since I've been in the mortgage market, and obviously things have changed a lot. Last time I was a first time buyer also, and now we're looking to move to our second home.

    Our home is currently valued at £80k, but with he current market, I doubt we'll shift it for more than £70k. We have a £10k unsecured loan on the home which we can keep, so providing we can give a £11k deposit for a £110k house, we should be in the market.

    What I want to know is how likely we are to be accepted if we take out another loan in the meantime for a new car.

    Income for the household is approx £45k gross per annum (£3,750 per month) This leaves roughly £2800 after tax etc per month.

    We have one loan for £193pm, and one finance agreement for £185pm. This totals £378pm. The loan we are looking at would come to another £193pm, plus the unsecured loan of £80pm totalling £651pm.

    We have no other debts/Credit cards.

    Total monthly bills comes to £1039 (including all DD's. shopping and petrol etc)

    So, total outgoings = £1690. This means we have £1110pm spare (40%) after taking out the extra loan.

    Would this be an acceptable lending criteria for a new mortgage ? I'm worried that we get this loan (which we really could do with) and we can't afford to get the new mortgage, which we have worked really hard towards by clearing all credit cards etc.

    Any views on this would be appreciated by people in the business (although I do appreciate that without running a credit check, it's hard to say for definite). BTW - my credit rating was last showing a 975 from experian.

    Hope you can help !!