I need a bigger home but after selling my current one I’m unsure whether I’ll be offered a bigger loanQ I am 46 and live in a small two-bedroom house with my two children but I need something bigger. I owe about £96,000 on the mortgage but also have another secured loan of £38,000 (which is what it would cost to repay it so includes early redemption fees and so on). The house is valued at about £165,000, so I do have some equity in it. However, my real problem is that I’m also on a debt management plan of about £13,000, which has been going for less than a year. If I sold my house and paid off everything, I would have £18,000 to put towards a bigger house. But my question is: would I be able to get the bigger mortgage that I would need?Is there any hope? I was also wondering whether I should sell up and rent for a while before trying to get another mortgage. Or has my credit history scuppered any chances of buying a bigger place? AM Continue reading…
Source : theguardian.com
Read more…Can I get a bigger mortgage given my debt management plan?
