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Are we being unrealistic?

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  • Are we being unrealistic?

    We currently own our house outright and have had it valued at £159,950. We have fallen in love (I know bad idea!) with another house which has been valued at 280,000. Are we being unrealistic in thinking we can afford it? We currently have debts which we would like to pay off with the equity of our house when we sell. So this would allow a deposit ~(after moving costs) on the new house of £140,000 at least. Therefore we would need to borrow £140,000 at most. Are we right in thinking that paying off our debts at the point of sale would allow us to get a larger mortgage as it would free up a considerable amount per month or will they not take this into account and are we better off going in with the larger deposit? (sorry if its a silly question) My partners wage goes up yearly and is due to increase in May of this year... will they take this into account? I am currently unemployed but will qualify from college in May and will hopefully get a job beforehand so I'm not worried that we wouldn't be able to afford a mortgage even if we just have my partners wage coming in even though I know that they wont take my potential job into account! We are seeing a mortgage advisor on Wednesday but I just thought Id post on here to see if anyone had any ideas... dreading Wednesday in case they say that we are being silly in thinking we an afford it. Tell me if we are though!
    Thank you