Mr Mister 2022
Registered User
- Messages
- 8
Hello
I'm hoping to be able trade up and move to a bigger house, I'm just not sure it's viable. I have a good bit of equity built up in my current home, but would need to buy and then sell so think I'll come a cropper with the mortgage rules unless it's possible for this equity to be taken into account (bridging loans are no longer available I think?)
Details
Single income household, I earn 45,000 (3.5 times gets me nowhere near 220k) my wife is at home with 3 kids. She receives Carers allowance
We have savings of 24,000 (potentially could raid kids college savings of 18k but would obviously have to repay this post sale of current home)
Current house valued at 180,000
Owe 56,000 still with PTSB
New house would be around 220,000
I'm hoping to be able trade up and move to a bigger house, I'm just not sure it's viable. I have a good bit of equity built up in my current home, but would need to buy and then sell so think I'll come a cropper with the mortgage rules unless it's possible for this equity to be taken into account (bridging loans are no longer available I think?)
Details
Single income household, I earn 45,000 (3.5 times gets me nowhere near 220k) my wife is at home with 3 kids. She receives Carers allowance
We have savings of 24,000 (potentially could raid kids college savings of 18k but would obviously have to repay this post sale of current home)
Current house valued at 180,000
Owe 56,000 still with PTSB
New house would be around 220,000