50K short - do I shop around

[kb001]

I am currently in the process of selling my house. I bought it 6 years ago, and if it sells for approx 395K and I pay off what I owe on the mortgage which is 155K I am left with Equity of 240K
I have found a house that I am interested in buying (or something similar). The cost of this house is 450K plus stamp duty and costs pushes it up to around 490K
So..If I take my equity away form the 490k I'm left with an amount of 250K that I need to borrow!
Having already gone to the bank I have my mortgage with now, I am only being approved for 200K due to the fact that I'm a Sole owner/5 times my salary etc
My question is - Is it really worth shopping around when were talking about an amount of 50K fallshort. I had an assumption, a guessed assumption that because I only needed to borrow just over 50% of the value of the property that it wouldn't be a problem.
They would not take into consideration that I let out a room which gives me an extra 500net per month. Do other institutions take this into consideration?
Would having someone go guarantor help in this situation?
All this really means is that If I don't get my extra 50K I'll only be able to look for new houses only, to avoid the stamp duty - otherwise selling my house makes no sense when I can only afford to buy what I'm selling!!!!!

 

[ClubMan]

No harm in shopping around to see what other lenders are willing to offer. Are you sure that you could afford to service the larger loan comfortably?

They would not take into consideration that I let out a room which gives me an extra 500net per month. Do other institutions take this into consideration?

What do you mean by "net"? If you are availing of the owner occupier rent a room scheme then there is no "net" since as long as total rental income is under €7,620 then is exempt from income tax.

otherwise selling my house makes no sense when I can only afford to buy what I'm selling!!!!!

Maybe you have answered your own question?

 

[MortgageBrkr]

Yes, you should always shop around.

A number of lenders will take room rental into consideration i.e. IIB

 

[Christy]

Or how about offering €50k less for the house that you are looking at buying?

 

[kb001]

Yes, you should always shop around.

A number of lenders will take room rental into consideration i.e. IIB

Thanks - I gave these guys a ring - sounds fairly positive - a little tight, but managable, especially if letting out a room is taken into consideration.

 

[kb001]

Or how about offering €50k less for the house that you are looking at buying?

House is very reasonably priced and has offer of 440K already - I'm not too fussed if I miss this house, more will come along - its more about getting that extra bit of cash to make it worth my while.

 

[ClubMan]

House is very reasonably priced and has offer of 440K already - I'm not too fussed if I miss this house, more will come along - its more about getting that extra bit of cash to make it worth my while.

This seems a bit contradictory to what you posted earlier:

All this really means is that If I don't get my extra 50K I'll only be able to look for new houses only, to avoid the stamp duty - otherwise selling my house makes no sense when I can only afford to buy what I'm selling!!!!!

 

[kb001]

How? I've been approved for 200K by my bank- I have equity of 240K from my current property. This adds up to 440K
If I were to pay 450k for this house - stamp duty and costs would add an extra 40Kplus - which is why I need an extra 50K to go for this type of house -