Trading up but just started new job

[thejuggler]

We are looking to trade up from a 3 bed semi to a 3 or 4 bed detached. Current house values in our area are guiding at 315k.
The property we are looking at is in the region of 360k which would be 380k when stamp duty is taken into account. Our current mortgage is for 156k and was taken out three years ago. So when we sell the property we will have equity of approx 150k. Thus we will be looking for a mortgage of 200 - 250k approx.

Given that our salaries are 35500 & 24500 will we be able to get a mortgage of this size. We have one car loan payment costing 250 a month - no other debts.

Finally my wife has changed jobs recently so is probably in a probationery period. Will this stand against us when we apply for a mortgage?
I have been in my own job for 5 years.

We are both 31

 

[ulcercentral]

I can't imagine you having any difficulty in getting a mortgage of between 200 - 250k.. Especially with your current lender.

Depending on who the car loan is with (credit union or bank?) it might need clearing, but if it's the only debt then it might be ok. Speak with your current lender and squeeze for as good a deal as possible and of course shop around!

 

[johnnyg]

No...I've had friends working on short term contracts get mortgages. If your wifes job is permenant after the probationery period that should be enough. I was in the same position earlier this year as regards upgrading to a 4 bed detached from a 3 bed semi with the new mortgage working out at 300K when we sell our 3 bed semi..if they have a problem shop around, i dealt with PTSB, who i found very accomodating, as i got an interest only mortgage on the new mortgage until we sold our 3 bed semi...Best of luck..

 

[Sarah W]

You should be fine although lenders would probably prefer to see the car loan gone or your wife's probationary period complete (or both!) but I don't see a problem with those figures.

Sarah

www.rea.ie