3rd time buyers deposit required

[Sarah martin]

Hi, I'm hoping to get some advise.
I am 34 and my husband is 38 with a 10 month old baby. Have two mortgages, first is on our home which is approx 110k I think we have approx 15k in equity. Never had problems paying it back. 2nd mortgage is for approx 36k which I pay through my business as I work from there. Don't know what the value of it is but i think its in ne.But we hope never having to sell it.
I am self employed and will in business 3 yrs next April. Income before tax is approx 20k.
My husband earns approx 28k but is also in college but won't be finished for another 3 yrs. We are looking to buy a bigger house but looking at what's available we think we will need at least 180k. We have 14k in savings, saving 1k a month for the last 14 months. I'm wondering is there any hope that we will ever get what we need? Or will we just have to keep saving 1k a month for the next few yrs.
I would appreciate any advise anyone can give us.
Thanks.

 

[PGF2016]

Do you need a mortgage of 180k? As you can generally borrow 3.5 times your combined income I don't think you'd get the full 180k.

Or is 180k the value of the house you're looking to buy? In that case with your ~30k equity and savings you may be able to borrow ~150k. After moving expenses though it would be very tight.