{"id":28783,"date":"2016-10-06T13:00:01","date_gmt":"2016-10-06T06:00:01","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/could-we-use-the-help-to-buy-scheme-to-move-to-a-bigger-home\/"},"modified":"2016-10-06T13:04:20","modified_gmt":"2016-10-06T06:04:20","slug":"could-we-use-the-help-to-buy-scheme-to-move-to-a-bigger-home","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/could-we-use-the-help-to-buy-scheme-to-move-to-a-bigger-home\/","title":{"rendered":"Could we use the help-to-buy scheme to move to a bigger home?"},"content":{"rendered":"


\nWe\u2019re not sure we can afford the new-build property with a normal mortgage Q I am a nurse and I own a home that an estate agent recently valued at \u00a3335,000. My partner and I would like to move to a new-build property costing \u00a3550,000. We have an outstanding mortgage balance of roughly \u00a3220,000 on our current home and were wondering if we can afford the \u00a3550,000 house with a normal mortgage, given our total annual income is around \u00a370,000 including overtime.Would it be wise to use the help-to-buy scheme to move to a bigger property or just save up more as we already have the advantage of being on the property ladder? ATA If you sold your current home for \u00a3335,000 and so were able to pay off your current mortgage of \u00a3220,000, you would be left with \u00a3115,000 in cash to put towards the purchase of another property. However, if you were to buy a house costing \u00a3550,000, there would be a stamp duty bill of \u00a317,500, which \u2013 if you couldn\u2019t find the money from somewhere else \u2013 would bring down the amount of cash to put down as a deposit on the new house to \u00a397,500. This would mean that to finance the purchase of a \u00a3550,000 property, you would need a mortgage of \u00a3452,000. Given that this figure is almost six and a half times your annual income of \u00a370,000, it is unlikely that you would get such a large loan. Continue reading…
\n
\nSource : theguardian.com
\nRead more…Could we use the help-to-buy scheme to move to a bigger home?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

We\u2019re not sure we can afford the new-build property with a normal mortgage Q I...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-28783","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-7uf","jetpack-related-posts":[{"id":51094,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/can-we-take-out-a-bigger-mortgage-to-cover-the-cost-of-renovation\/","url_meta":{"origin":28783,"position":0},"title":"Can we take out a bigger mortgage to cover the cost of renovation?","date":"April 6, 2017","format":false,"excerpt":"\r We\u2019ve found a house that costs less than the maximum \u00a3650,000 we can afford, but it will need some work doing Q We\u2019ve found a property that is under our current budget of what we can afford monthly (and how much the banks will lend us, which is \u00a3650,000).\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123084,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-we-sell-both-our-properties-and-buy-one-mortgage-free\/","url_meta":{"origin":28783,"position":1},"title":"Should we sell both our properties and buy one mortgage free?","date":"November 8, 2021","format":false,"excerpt":"\r We own our current home and a rental property, and are thinking of selling them bothQ My wife and I (both mid-40s with two primary school aged kids) currently own a home in south-east London which is valued at about \u00a3575,000 and has a \u00a3250,000 mortgage on it. 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